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Condominiums are an increasingly popular housing choice for residents of Greater Vancouver.

From customized high rises in the heart of downtown Vancouver, complete with luxurious amenities such as lap pools and concierge services, to garden-style townhomes in Richmond, to low rise apartments in New Westminster, condominium living provides a wide range of housing options.

Condominiums appeal to many lifestyles including generation Xers, baby boomers and seniors. They’re a great option for buyers who may be looking to scale down, first time buyers wanting to get their foot in the real estate market or investors looking to purchase a long-term asset.

Many buyers want to know more about what it means to be an owner of a strata unit. Whether you are looking to purchase a condominium for less maintenance, greater security or a more urban lifestyle, here are some things to know about owning an apartment or condominium.

Strata Corporation:

• As an owner of an apartment or condominium, you are part of a Strata Corporation, which is made up of all the owners in a building. As a strata property owner you have legal title of your unit, plus a portion of the common areas such as the hallway, gym, garden, parkade and other amenities that may be offered in your building.

Monthly Fees:

• As a strata owner you pay a monthly fee for the upkeep of the common areas in the building. The fee will depend on the size of your unit and the amenities in the building.

Bylaws:

• The Strata Corporation of your building has bylaws that govern the responsibilities of the owners. When reviewing the bylaws, it is important to note things such as the guidelines on rentals, children, age restrictions and pets.

Contingency Fund:

• Strata units have what is called a contingency fund where a portion of the monthly maintenance fees go toward of pool of money that is a safe-guard for any major repairs such as roofing, plumbing or exterior painting.

Strata Council:

• Homeowners elect a Strata Council who oversee the on-goings of the building. They hold regular meetings where they discuss issues pertaining to the building and owners vote on proposed bylaws and building issues.

Minutes:

• The Strata Council keeps records of their meetings to review what was discussed as well as any issues or resolutions that have been made. It is important for a new purchaser to review the minutes in order to know what is happening in the building.

When reviewing the Strata Council minutes, look for:

• The amount in the contingency fund;
• A maintenance plan;
• Any past problems and review how they have been remedied;
• Proposed ideas for the building.

It is always a good idea to talk to owners in the building and ask them about the building, the Strata Council and the community where you will be living. You can learn more about buying into a strata property by contacting a REALTOR® in your area.