Owning a Condominium in Vancouver – Strata Fees Explained | Vancouver Real Estate Blog

When you own a condominium in BC you will have to pay a maintenance fee (strata fee) every month. The money is used by the strata corporation to pay the expenses of the development.

How are strata maintenance fees determined?

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

Where does the maintenance fee money go?

There are two funds that every strata corporation in BC must maintain (and are funded by the maintenance fees): an operating fund an a contingency reserve fund. The operating fund is what is used to pay for common expenses that occur more than once over the course of a year. The CRF is the fund that is typically used to pay for expenses that occur less than once a year, or more unusual expenses.

What if I don’t pay my strata fees?

According to the Strata Property Act, all owners must contribute to the operating fun and the CRF (by paying their strata fees). Strata fees are due and payable on or before the first day of the month. If an owner fails to pay their strata fees they are contravening the strata corporation’s bylaws and are subject to fines.

The Strata Property Act requires a strata to give two weeks written notice demanding payment and informing the transgressor that further action may be taken. This further action can be in the form of suing, seeking arbitration or putting a lien against the owner’s strata lot.

How much is a typical Vancouver strata fee?

Maintenance fees vary greatly from area to area and building to building. It is difficult to compare maintenance fees directly as they depend on the management style of the strata, as well as the type of amenities that are offered in the building. That being said, you will find that typical strata fees in condominium buildings in downtown Vancouver tend to range from a low near $0.25/sq ft up to nearly $0.45/sq ft. More commonly the number falls closer to around $0.35/sq ft.

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