What strata documents should I read before buying in BC?

Sep 22

5 min read

Read five documents before you buy a strata unit in BC: the Form B Information Certificate, the depreciation report, two years of council and AGM meeting minutes, the current budget and financial statements, and the bylaws and rules. Skip any one of them and you're buying blind on repair costs, special levies, or restrictions the listing never mentions.

What is a Form B Information Certificate, and what does it show?

Form B is the strata corporation's official disclosure document. It covers monthly strata fees, anything the current owner owes the strata, approved special levies and whether they're paid, the contingency reserve fund balance, pending bylaw changes, any court proceedings or outstanding work orders against the building, parking and storage assignments, and an insurance summary.

The strata must attach its rules, current budget, most recent depreciation report, and (since 2023) any electrical planning reports. A strata corporation can charge up to $35 plus 25 cents a page for it, and has to hand it over within 7 days of a request.

Form B doesn't come with a fixed shelf life the way some strata documents do. It's a snapshot as of its date, so a budget approved at an AGM after your copy was issued won't show up on it. Order it as close to your completion date as you can, not at the start of your search.

Why does the depreciation report matter more than usual right now?

This is the document I'd push hardest on. Every strata corporation with 5 or more lots needs one, refreshed on a 5-year cycle. As of July 1, 2024, stratas can no longer vote to defer getting one. Only six kinds of professionals (engineers, architects, applied science technologists, accredited appraisers, certified reserve planners, and quantity surveyors) have been allowed to prepare them since July 1, 2025.

Here's the part that matters for anyone buying in Metro Vancouver this month: stratas here, along with the Fraser Valley region, had until July 1, 2026 to obtain a report dated after December 31, 2020, if they didn't already have one. That deadline has already passed. A Metro Vancouver strata that still can't produce a report newer than 2020 is out of compliance with current BC law. I'd ask the listing agent about it directly before writing an offer, not after.

The report itself tells you what repairs are coming, roughly what they'll cost, and when, plus three funding options the strata can choose between. That's your best read on whether the current strata fee is sustainable or about to jump.

How many years of meeting minutes should I read, and how fast can I get them?

Two years of council and AGM minutes is the standard pull. That's enough to catch repeat complaints, votes on upcoming projects, and any pattern of financial strain the Form B alone won't show.

You're not the owner yet, so this usually gets requested alongside the Form B through the listing agent or your own agent. Once requested, a strata corporation has to provide most records within two weeks, and bylaws or rules within one week. Retention isn't a problem: stratas must keep meeting minutes, financial records, and Form B certificates for 6 years, and depreciation reports and legal opinions permanently. A two-year request rarely runs into a wall.

What should I look for in the budget and financial statements?

The current budget comes attached to the Form B. Read it next to the contingency reserve fund balance. A reserve that looks thin against the building's age and unit count is worth a direct question to the strata council, especially in anything built before 2010, when the type of exterior construction and its remaining lifespan starts to matter more.

Also check whether any special levy has been approved but isn't fully collected yet. That cost belongs to the current owner in some cases and to you in others, depending on when it was struck and what the strata's bylaws say about apportionment. Confirm it directly with the strata rather than guessing.

What do the bylaws and rules restrict that the listing won't tell you?

Bylaws control pets, rentals, and age restrictions, and none of it shows up in a listing photo. Since November 24, 2022, BC stratas can no longer enforce a bylaw that restricts long-term rentals; a change made under Bill 44 voided every rental-restriction bylaw in the province. Stratas can still ban or limit short-term rentals like Airbnb, and can still run an age-restricted building (55 and up), with exemptions for children and younger spouses added in 2023.

If you're planning to rent the unit out eventually, or you're buying with someone under an age cutoff, read the current bylaws yourself. Don't take a verbal answer from the listing agent as the final word.

My read, after going through this stack with clients across Metro Vancouver: the Form B gets read every time, but the depreciation report gets skimmed or skipped more often than it should, especially now that the compliance deadline has actually passed for local buildings. That's the one document most likely to save you from an expensive special levy a few years into ownership.

Frequently asked questions

Do I have to pay for these documents myself?

The Form B has a capped fee, up to $35 plus 25 cents a page, usually paid by the listing agent. Meeting minutes and other records are free to inspect or copy beyond standard copying costs.

What if the strata refuses to provide a depreciation report?

If the strata is in Metro Vancouver, the Fraser Valley, or the Capital Regional District and has 5 or more lots, it should already have one dated after December 31, 2020, since that deadline passed July 1, 2026. No report on request is a red flag worth raising with your agent before you commit.

Is a Form B enough on its own, or do I need the minutes too?

The Form B tells you where things stand today: fees, levies, reserve balance. The minutes tell you how it got there and what's being discussed for next year. Read both.

Can a strata still ban rentals in BC?

No. Bylaws restricting long-term rentals became unenforceable province-wide on November 24, 2022. Stratas can still restrict short-term rentals like Airbnb and can still run 55+ age-restricted buildings.

How old can a Form B be when I use it to make an offer?

There's no fixed statutory shelf life on a Form B. It's accurate as of its date, so a newer one catches any budget or levy approved since. Order one close to your completion date instead of relying on a copy from early in your search.

Barton Lui is a REALTOR® with Real Broker in Vancouver. He works mostly with first-time buyers across Metro Vancouver and speaks English, Cantonese and Mandarin.

Getting ready to make an offer? Book a consultation or read what a subject-to-financing clause protects you from and how long the full condo-buying process takes.

Reach him at 604-715-5568 or barton@bartonrealtor.com.