Strata Documents Guide for Metrotown Buyers

Key takeaways

• Read documents together; no single record gives a complete answer.
• Look for repeated patterns, deferred decisions and funding alignment.
• Confirm that the records apply to the exact strata lot and any applicable section.
• Use licensed legal, real estate, insurance and technical advice for material concerns.

Start with the current Form B package

The Form B Information Certificate discloses information about the strata lot and corporation and is typically requested by a buyer. Confirm it is current and review its attachments, which can include the current budget, rules, insurance summary and most recent depreciation report.

If the strata has formal sections, ask whether additional records are required for the section that applies to the unit. Confirm parking and storage designations rather than assuming they transfer in the way a listing describes.

Read minutes for patterns

Review council, annual general and special general meeting minutes over a meaningful period. One repair is not necessarily a problem; repeated water entry, elevator failures, security incidents or postponed projects can signal a larger issue.

Track motions and follow-up. If a report was commissioned, find the outcome. If owners discussed a levy, determine whether it was approved, defeated or deferred.

Connect budget, financials and reserve planning

The operating budget covers recurring expenses, while the contingency reserve fund supports less frequent common expenses. Compare planned contributions with the depreciation report's anticipated work and the strata's actual project history.

A large reserve balance is not meaningful without context. Building size, age, assets and upcoming projects determine whether it is adequate.