Condo Maintenance Fees by Size and Age of Unit: Avg Strata Fees BC
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by Richard Morrison
- June 26, 2022
- Buyers
- 0
If you’re thinking about buying a condo in Vancouver, you should know how much the monthly maintenance fees will be.
Quick Takeaway: The fee can vary widely from one hundred to thousands dollars a month depending on the size of the unit, or 0.40ish cents per square foot.
The age of the building is also a factor, as older buildings will require more work and repairs, which are passed on to the condo owner. For older buildings, the fees may be higher than for newer ones, but this should be the exception rather than the rule.
The age of the building and the size of the unit affect the monthly fee. In older projects, there are more repairs and other costs. In pre-construction condos, fees are low, but a pre-construction building might have unseen problems that could lead to increased fees in the future. Therefore, it’s vital to hire a home inspector before making a decision about the building. In these cases, the fees may quickly escalate.
If anyone in the market for an apartment condominium in Greater Vancouver hasn’t heard about depreciation reports, they need to get clued up fast: www.housing.gov.bc.ca/strata/regs/
In the coming month, each strata company will be required to prepare an “depreciation report” that includes an annual budget of 30 years for upgrades, repairs and maintenance.This will make sure that contingency funds are adequate to fund the ongoing maintenance, repair and improvements. The contingency fund gets its money from monthly fees for maintenance of the strata that are paid by each strata owner.
If you’re search for an apartment what is the amount you should be prepared to pay for the monthly condo maintenance fee? The amount will vary based on the construction’s age and the location, as well as the amenities of the project and the overall state of the building. For reference these tables show the monthly average strata maintenance charges for low-rise and high-rise projects within the Greater Vancouver sub-markets. The projects are split into new projects that are currently marketing with MPC Intelligence’s TRAC database,and MLS(r) data for condos sold during the last three months.
Monthly strata maintenance costs for the newest high-rises currently marketing range from a peak in the range of $0.40 per sq ft in Downtown Vancouver to just $0.28 for Coquitlamand Port Moody- ;PoCo. Other than Burnaby the rates for strata for MLS(r) high-rise resales are typically higher than fees for new construction. A small number of one-year-old high-rises were sold through MLS(r) over the last three months, therefore the averages may not be an accurate indicator of the costs in more recent structures. The majority of MLS(r) sale of high-rises are within the six to 20-year categories, and in some areas there is a significant distinction in the strata fees of the older projects and the newest projects – not to mention special levies.
The monthly strata costs for low-rise buildings are typically lower than those for high-rise developments There’s also less differences by area of. The monthly average strata cost for low-rise new projects that are currently in the market is ranging from a maximum at $0.32 for each square foot of East Side Vancouver to a low of $0.23 in Burnaby. In nearly all low-rise regions, the monthly fees for strata fees for older units that are sold via MLS(r) are more expensive than those for new developments. In Burnaby For instance the monthly cost for low-rise units aged between 6 to 20 years old are 40% more than that for new units.
What can a potential buyer use this information to help them?
The difference between the markets and between projects that are new and old does not mean that the fees for strata aren’t a true reflection of the real cost of keeping the house in good condition. However, prospective buyers should carefully examine the main differences in typical fees, otherwise they may end up paying more than what they originally thought.
A status certificate is a document that every building has, which provides important financial information about the building. These documents contain budgets and financial battles, as well as the amount of maintenance fees the building is currently charging and what large fee increases are planned for the future. Having this information handy can make it much easier for you to figure out how much your condo maintenance fees will cost. And while you might not realize it, the fees can add up to a big chunk of your monthly expenses.
FAQs
What are strata fees?
A: Strata fees, also known as monthly strata fees, are fees that are paid by owners of strata lot units in a strata corporation. These fees are used to pay for the common expenses of the strata corporation, such as maintenance and repairs of common areas.
What are average strata fees in BC?
The average strata fees in BC can vary depending on various factors such as the size and type of the property and the amenities it offers. However, on average, strata fees in BC range from $200 to $600 per month. These fees cover the costs of maintaining common areas, such as gardens, hallways, and elevators, as well as providing services like garbage collection and building insurance. It is important for potential homebuyers to consider these fees when budgeting for a property, as they can significantly impact the overall cost of homeownership.
What is a contingency reserve fund (CRF)?
A: A contingency reserve fund, often referred to as a CRF, is a fund that every strata corporation in BC must maintain. This fund is used to pay for expenses that occur less than once a year or unexpected expenses, such as repairs or replacements of major building components.
How are strata fees calculated?
A: Strata fees are normally calculated based on the unit entitlement of each strata lot. The unit entitlement is a number assigned to each strata lot that represents its proportionate share of the common property. The higher the unit entitlement, the higher the strata fees.
What happens if I don’t pay my strata fees?
A: If you fail to pay your strata fees, the strata corporation may fine you or take legal action to collect the unpaid fees. The strata corporation has the right to place a lien on your strata lot and potentially force a sale of your unit to recover the unpaid fees.
Can strata fees increase?
A: Yes, strata fees can increase over time. The strata corporation has the authority to increase the strata fees as necessary to cover the expenses of the strata corporation. Any increases in strata fees must be approved by the strata council and communicated to the strata lot owners.
What do strata fees cover?
A: Strata fees cover a wide range of expenses, including maintenance and repairs of common areas, building insurance, utility costs for common areas, management fees, and contributions to the contingency reserve fund.
Are strata fees the same as condo fees?
A: Yes, strata fees are often referred to as condo fees. The terms are used interchangeably in BC.
Can I deduct strata fees from my taxes?
A: In most cases, strata fees are not tax-deductible. However, there may be some exceptions for strata fees that are used for repairs or improvements that qualify for tax deductions. It is best to consult a tax professional for specific advice related to your situation.
How often do I need to pay strata fees?
A: Strata fees are typically paid on a monthly basis. The exact payment schedule will be outlined in the strata corporation’s bylaws or a schedule attached to the bylaws.
What Are Some Examples of Closing Costs When Buying a Condo in BC?
Closing costs of buying a home in bc can vary, but when it comes to condos, there are a few common expenses. These can include legal fees, home inspection charges, property transfer tax, and strata fees.
Can I use my strata fees for any purpose?
A: No, strata fees are specifically designated to be used by the strata corporation for the common expenses of the strata corporation. They cannot be used for personal expenses or other purposes unrelated to the operation and maintenance of the strata property.
Sources:
https://www.quickenloans.com/learn/condo-fees-vs-hoa
https://www.nbc.ca/personal/advice/home/condo-fees-things-you-should-know.html
Ready to turn your real estate dreams into reality? Contact Richard Morrison, Vancouver’s top realtor with 20+ years of experience. As a Medallion Club member and RE/MAX Hall of Fame award winning agent, he’s the expert you need on your side. Whether buying, selling, or investing, Richard’s personalized approach and deep market insights ensure a successful transaction. Reach out to Richard today at (778) 900-2235 and make your real estate journey seamless and rewarding.
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