A strata purchase is a purchase of a home and a relationship with a shared building, shared assets and shared financial decisions. A unit can show beautifully while the documents raise important questions about maintenance, funding or use. The point of document review is to connect those questions before you commit—not simply to collect a large PDF folder.
This guide is a general reading framework, not legal, engineering, insurance or financial advice for a particular strata. A professional reviewing the actual documents should explain the implications for your transaction. Dates and requirements below were checked on September 18, 2026; verify current rules and the particular corporation's circumstances.
Start with the Form B, then follow its references
BCFSA describes the Form B Information Certificate as containing key information such as strata fees, amounts owing, certain agreements and financial or legal matters. Relevant attachments include the budget, rules and the most recent depreciation report where obtained. A section within a strata may also require its own information to understand the full picture. [1]
Use the certificate as an index of issues to investigate. Does the fee match the amount used in your budget? Are there agreements affecting alterations? Is the treatment of parking or storage consistent with what you were told? If something matters to your decision, ask which document establishes it and who will interpret that document.
Record document dates. An older certificate may be accurate for its date while no longer describing the current position. Ask your transaction professional what updated information is needed before the relevant contractual decision. Do not assume that a recent listing date means the attached records were all refreshed at the same time.
Know which depreciation-report timeline applies
Current provincial guidance says strata corporations with five or more strata lots must obtain depreciation reports on a five-year cycle. These reports support planning for common-property and asset renewal over a 30-year horizon. The former annual three-quarter-vote deferral option no longer applies. [2]
The transition is not one blanket deadline. For qualifying corporations established before July 1, 2024 that had not obtained a report on or after December 31, 2020, the Regulation requires a report before July 1, 2026 in specified areas, including relevant Metro Vancouver locations; geographic exceptions and other timelines apply. Other areas generally have the later transition deadline, and corporations with fewer than five lots are exempt from the report requirement. [3]
As of this guide's review date, the applicable July 2026 deadline is past, not upcoming. If a report is missing, ask which rule and timeline apply to that exact corporation. Do not declare a strata non-compliant from a missing attachment alone: the report may exist elsewhere, an exemption may apply or a different establishment-date rule may govern. Get the answer documented.
Read the report's assumptions, not just its cover date
A depreciation report is a planning tool. Ask how the building's current decisions relate to the components, timing and funding scenarios in it. A recently issued report does not by itself mean the owners have adopted a particular funding scenario or already raised the necessary money.
Compare the report with the budget and meeting records. Is a major project described as approaching, delayed, completed or still under investigation? Does a later record explain a change in scope or cost? If different documents tell different stories, list the discrepancy and ask a qualified reviewer to reconcile it.
Do not turn a long-term estimate into a guaranteed invoice or assume every component will fail on a forecast date. The useful questions concern planning assumptions, updated technical information and the decisions owners have made. For a significant concern, ask whether more current engineering or contractor information is available.
Treat the monthly fee as one line, not the whole risk assessment
A low fee can be attractive without answering what services are included or how future common expenses will be funded. A higher fee can cover more services without proving that a building is financially healthy. Compare the fee with the operating budget, reserve position, known projects and any approved or proposed funding decisions.
For a purely illustrative example, consider two buildings with similar monthly fees. One has completed a major project; the other is still discussing how to fund comparable work. The identical monthly number does not create identical ownership exposure. The documents, not a generic per-square-foot fee threshold, must explain the difference.
Do not divide a proposed building expense equally by the number of homes unless a qualified professional confirms that is the applicable allocation. Ask how your strata lot's share would be determined and which legal or contractual provisions govern responsibility between buyer and seller. The answer is property- and transaction-specific.
Use minutes to trace decisions and unresolved questions
Read meeting records as a sequence. Note when an issue first appeared, whether investigation was authorized, whether proposals were received and what decision followed. The absence of repeated discussion does not prove a problem disappeared; look for a recorded resolution or ask for clarification.
A useful issue log has five columns: topic, document and date, current status, missing evidence and the professional responsible for the next answer. Separate a resident complaint from a technical finding, a discussion from an approved resolution and an estimate from an executed contract. Those distinctions prevent a dramatic sentence from becoming an unsupported conclusion.
| Document or record | What to connect it with | Question to resolve |
|---|---|---|
| Form B | Attachments and current transaction information. | Is the package complete and current enough? |
| Budget and financial records | Fee schedule and funding decisions. | What is funded now, and what remains uncertain? |
| Depreciation report | Minutes and later technical reports. | Which assumptions or project timelines have changed? |
| Meeting records | Resolutions, contracts and follow-up reports. | Was an issue investigated, approved or actually completed? |
| Insurance information | Your proposed owner policy. | Which gaps and deductibles need individual advice? |
| Parking, storage and alteration records | Title and applicable agreements. | What rights and obligations attach to this lot? |
Read building insurance and owner insurance together
The Province distinguishes strata-corporation insurance from the insurance an owner may need for personal property, improvements, liability and other exposures. Building insurance should not be assumed to cover everything inside a unit or every cost an owner might face. Obtain advice based on the actual policies and deductibles. [4]
Ask an insurance professional to review the current strata insurance information alongside your proposed coverage before you rely on either. Identify the policy period and any material exclusions or deductible questions. A generic statement that the building is fully insured does not explain how a particular loss would be handled.
Provincial guidance also addresses the corporation's insurance responsibilities and review process. Use that as context for obtaining the current information, not as a substitute for policy interpretation. Insurance can change at renewal, so retain the dated documents used for your decision. [5]
Finish with an unresolved-issues list
Before a contractual deadline, ask your transaction professionals to distinguish answered questions from assumptions and outstanding work. An answer should identify the evidence, the professional's scope and any limitation. A missing report, an unclear parking allocation and an insurance concern should not all be reduced to one generic conclusion that the documents look fine.
Make the decision on the actual package and appropriate advice. A rankings site can help you find professionals to interview; it cannot establish that a particular strata is financially or physically sound. The valuable outcome of document review is a coherent account of what you are buying, what remains uncertain and which obligations may follow ownership.