“I’m surprised that everyone else is so surprised to hear anyone talk about a housing bubble” – “Canadian RE 2021 worse than U.S. bubble at 2006 peak” – David Rosenburg

Richmond condo is concerned about how their strata fees are calculated Published Aug 07, 2024  •  Last updated 2 days ago  •  2 minute read A condo owner is concerned by unequal share of common costs and lack of transparency in strata fee calculations. Photo by echoevg Getty Images Dear Tony: We bought a condo in Richmond last fall. We have been disputing how the strata fees and a special levy have been calculated, as there is a fairness issue. In our townhouse complex created in 2008, everything is based on an equal share. Everyone pays 1/78th of all common costs. Some units are almost twice the size of others, and have families, while smaller units are occupied by single owners. In essence, the smaller units are subsidizing the larger units. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Vancouver Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Vancouver Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. Sign In or Create an Account or Article content At the time of purchase, we noticed that only the monthly strata fee was disclosed on the Form B. Buyers don’t see the formula that is applied by the strata corporation to the calculation of strata fees or special levies for common costs. How is this fair? — J.B.K., Richmond Dear J.B.K.: Every strata corporation has a filed schedule of unit entitlement, or amendments, in the Land Title Registry. I encourage all buyers to access a copy of the schedule before they purchase, to understand what their share of the common costs and liabilities will be. A common schedule for bare land strata corporations generally applies for equal share, as the strata lot is the land, not the homes, which are not shown on the strata plan. Depending on the time period when the strata plan was filed, you may also find townhouse communities and apartment-style buildings were identified with the same equal