Strata Documents Explained: Form B, Depreciation Report and Minutes

When you buy a condo or townhome, you’re buying two things: your unit, and a share of a corporation that owns and runs the building. The strata documents tell you how well that corporation is run, and what it might ask of you next. Here’s what to read, and what to look for, under BC’s Strata Property Act.

The Form B: Information Certificate

The Form B is the strata corporation’s official snapshot of the unit you’re buying. It must be provided within one week of a request by an owner, a buyer, or someone they authorize, and the strata can charge no more than $35 for it, plus copying costs of up to 25 cents a page. It must state, among other things:

the monthly strata fees for the unit, and anything the owner owes;
any special levy already approved, the amount and when it’s due;
whether the year’s expenses are expected to exceed the budget;
the balance of the contingency reserve fund, less spending already approved;
bylaw amendments and certain resolutions not yet filed at the Land Title Office;
any notices or work orders the strata has received;
which parking stalls and storage lockers go with the unit, and on what terms; and
a summary of the strata’s insurance coverage.

The rules, the current budget and the most recent depreciation report must be attached. The information on a Form B binds the strata corporation in its dealings with someone who reasonably relied on it, which is why it’s the place to start.

The depreciation report

A depreciation report is an engineering-style plan of the building’s major components (roof, envelope, plumbing, elevators) and what it will cost to repair or replace them over time. Since July 1, 2024, strata corporations with five or more lots must obtain one every five years; stratas can no longer vote to skip it. Those with four or fewer lots are exempt.

Read it alongside the contingency reserve fund. A large expected cost and a small fund often means a special levy or higher fees are coming.

Minutes

Strata corporations must keep minutes of their council meetings and general meetings. Minutes are where you see what the Form B can’t: repairs being discussed but not yet approved, insurance claims, leaks, disputes, bylaw changes in the works. I recommend reading at least the last two years.

Bylaws and rules

These govern daily life: pets, short-term rentals, renovations, moving in, noise. Two things changed on November 24, 2022: strata bylaws that restrict long-term rentals are no longer valid, and age-restriction bylaws are only valid for 55 and over. Stratas can still restrict or ban short-term rentals. If you have a pet, plan to renovate, or hope to rent short-term, check the bylaws before you commit.

Financial statements and the budget

The budget shows how fees are spent; the financial statements show whether the strata has been living within it. Watch for repeated shortfalls and for an insurance deductible that’s very high, since owners can be responsible for the deductible in some situations.

Special levies when a unit is sold

A special levy is a one-off charge to owners for a specific cost. If one is approved before the unit is conveyed to you, the Act divides it by due date: the seller owes the portions payable before the conveyance date, and you owe the portions payable on or after it. That’s why approved levies on the Form B, and those discussed in the minutes, matter to your price.

The Form F: Certificate of Payment

Before completion, your lawyer or notary will need a Certificate of Payment (Form F) confirming the seller doesn’t owe the strata money, or that arrangements are in place. It costs no more than $15 and is current for 60 days.

Red flags worth a closer look

A depreciation report that recommends large near-term work and a contingency fund that can’t cover it.
Recurring water ingress, leaks or envelope repairs in the minutes.
Special levies approved or under discussion.
Bylaw changes on pets, parking, short-term rentals or renovations.
Litigation involving the strata corporation.
A sharp rise in the insurance premium or deductible.

Questions people ask

When should I read the strata documents?

Before subject removal. Most buyers make their offer subject to a satisfactory review of the documents; some read them before writing an offer.

Can I see the minutes as a buyer?

The right to inspect a strata’s records belongs to owners and people they authorize in writing, so minutes are usually provided through the seller.

General information for buyers of strata property in British Columbia, current as of publication. It isn’t legal advice: your lawyer or notary can advise on the specific documents for your purchase.

Strata documents, decoded