VANCOUVER CONDO STRATA MAINTANINCE FEES
What are condo maintenance strata fees?
In Vancouver, condo maintenance fees are comprised of a monthly fee the covers a the overall upkeep of your building. They may also include utilities such as heating & hot water. Often in higher end buildings services such as 24hr concierge, security may also be included. The general rule of thumb is the more amenities a building has the higher the monthly maintenance fee. Garbage collection, Manager fees, 24 hr concierge, heating, hot water, caretaking, gardening, building insurance, building upkeep are some of the most common items one will find in most of Vancouver’s condo developments.
How are Condo Maintenance fees determined?
Each individual unit is allocated a certain monthly payment amount. This is determined by the size of the suite along with the entitlement based on the registered strata plan.
What is a reserve fund?
Every building will keep a sum of money collected from each owner held all together as a reserve fund. This is usually built up over time and is in place for matter of emergency or immediate repairs. When the reserve fund is dipped into to for reasons of or repair it is usually topped up by a increased monthly payments for a period of time. Condo buildings with large reserve fund are much more attractive to buyers.
What is a Building Assessment?
When a problem has been found in a condo building, usually through the yearly building envelope inspection and assessment is established. This refers to the nature and scope of the problem along with the overall cost to repair it and how it will be paid. Usually costly repairs such as rain screening, roofing, plumbing, excessive window repairs, or membrane replacement will often come from a lump sum payment by each owner.
What is a Strata Council?
Strata councils are formed through a voting process and are usually comprised of group of owners in the development. Council meetings will occur usually monthly or several times a year. Here items will be discussed as to the running of the building and any amendments that may be made to the bylaws, such as rentals and pet restrictions. All meetings are documented and create what is referred to as (minutes). Purchasers in a building will review 2 years of strata minutes to grasp a sense of the building, what items have been dealt with how they have been resolved and from these minitues one can get an overall sense of how well the building is being run.
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Filed under: Developments, Downtown Vancouver, Statistics