Buying a condo? What are strata fees?

Strata Fee which is also known as monthly fee is a monthly maintenance fee an owner pays that is used by the strata corporation to pay the expenses of the building or buildings in the development.

The strata corporation is responsible for the common expenses of the strata corporation.

Also the strata corporation is responsible for the operating fund and contingency reserve fund. To meet its expenses the strata corporation must establish, and the owners must contribute, by means of strata fees, to

(a) an operating fund for common expenses that usually occur either once a year or more often than once a year, and

(b) a contingency reserve fund for common expenses that usually occur less often than once a year or that do not usually occur.

 

How are strata fees calculated?

 

The individual strata maintenance fee is assessed by taking the total cost of the strata’s expenses and divided that by the unit entitlement of the strata lot. The unit entitlement is related to the square footage of the strata lot.

 

What does the strata fees cover?

The strata fee (monthly fee) can include: insurance for common areas, landscaping of the grounds, garbage pick up, snow removal, as well as facilities such as exercise, club house, rec centre, etc. Be sure to check if the strata fees include water, gas, electricity and be aware of what utility bills you need to set up and pay separately.

 

Please see the Strata Property Act for more information at www.bclaws.ca

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