Buying a Condo in BC? Review These Strata Documents Before Committing

Carla Sturm • November 4, 2026

Found a condo you love? Before you commit, there’s another part of the purchase worth understanding: the strata corporation.


When buying a strata property in British Columbia, review the Form B Information Certificate, financial records, meeting minutes, insurance information and depreciation report with the appropriate professionals. These documents help you understand the building’s financial position and the costs that may come with ownership.


For buyers in Greater Vancouver and the Fraser Valley, that context belongs in the conversation about affordability.


Start With the Form B

The Form B provides important information about the strata lot and corporation, including items such as strata fees, certain outstanding amounts and approved special levies.


Required attachments include the most recent depreciation report, if one exists.


Think of it as a starting point. It won’t answer every question, but it can help your Realtor and legal professional identify what needs a closer look.


Look Beyond the Monthly Strata Fee

A lower strata fee can look attractive when you’re comparing listings. But the fee alone doesn’t tell you whether a building is well funded.


Ask your Realtor to help you review:

  • The operating budget and financial statements
  • The contingency reserve fund
  • Recent council and general meeting minutes
  • Planned repairs and existing special levies
  • Strata insurance coverage and deductibles


The goal is to understand what owners are paying for today—and what they may need to pay for later.


Understand the Depreciation Report

A depreciation report helps a strata corporation plan for major maintenance and replacement work.


It can provide useful context about the roof, exterior, elevators and other shared components. It doesn’t guarantee future costs or replace an inspection, but it can help you ask better questions.


For example: if major work is approaching, how does the strata plan to fund it?


Bring the Findings Into Your Financing Plan

Your mortgage payment is only one part of owning a condo. Your household budget also needs room for strata fees, taxes, insurance and unexpected expenses.

Share relevant documents and any concerns with me early. The lender may also need additional information about the property before financing can be finalized.


Common Questions

Does mortgage approval mean the strata is financially healthy?
No. A lender’s approval serves a different purpose from your own due diligence as a buyer.


Can a special levy affect my buying budget?
Yes. Ask your legal professional to confirm your obligations under the purchase contract and include any amount you must pay in your cash planning.


Let’s Review the Whole Picture

If you’re considering a condo or townhouse in Greater Vancouver or the Fraser Valley, I’d be happy to review the financing side with you. Together with your Realtor and legal professional, we can help you move forward with a clearer understanding of the purchase.

Carla Sturm
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Bank of Canada Raises Rate to 2.5% — October 28, 2026

By Carla Sturm • October 28, 2026
On October 28, 2026, the Bank of Canada raised its key interest rate by 0.25%, bringing it to 2.5%. If you have a mortgage, are shopping for a home, or have a renewal coming up, this decision matters. Here is a plain-language look at what changed, why it happened, and what it could mean for you.

How Your Credit Score Impacts Mortgage Rates and Approval

By Carla Sturm • October 21, 2026
What Lenders Mean by “Good Credit” When You Apply for a Mortgage Credit is simply the ability to borrow money today based on the trust that you’ll repay it in the future. When you apply for a mortgage, lenders want proof that you’ve consistently honoured that trust by managing credit responsibly. But what does a good credit history actually look like to a lender? The 2 / 2 / 2 Rule Explained If you’re newer to credit or want a simple way to remember minimum mortgage credit requirements, think of the 2 / 2 / 2 rule: 2 active trade lines Established for at least 2 years With a minimum combined limit of $2,000 This is a common baseline lenders use when assessing credit for mortgage financing. What Counts as a Trade Line? A trade line is any account where credit is extended to you, such as: A credit card A line of credit A car loan A personal or installment loan Each trade line reports your payment history to the credit bureau and contributes to your credit score. For a trade line to be considered active , it must: Have been used at least once, and Show activity at least once every three months Why Time Matters Lenders want to see that you’ve managed credit responsibly over time , not just recently. Using two trade lines consistently for at least two years helps demonstrate stable financial habits and reliability. Understanding Credit Limits vs. Balances The credit limit is what matters—not the balance. For example: A $1,000 credit card + a $2,500 line of credit = $3,500 total limit This meets the minimum requirement You do not need to carry a balance to build credit. In fact, the best approach is to: Use your credit regularly Pay it off in full each month (for credit cards) Make all loan payments on time If your lender offers a credit limit increase and you’re managing credit well, it’s often a good idea to accept it. Higher limits—used responsibly—can strengthen your credit profile. A Simple Way to Build Credit Automatically One effective strategy is to: Put recurring bills on your credit card Set up an automatic transfer to pay the balance in full every month Automation helps build positive credit history without requiring constant attention—just be sure to monitor your accounts to ensure everything runs smoothly. What About Credit Scores? Yes, credit scores matter—but they’re not the whole story. If you: Have two active trade lines Established for two years With at least $2,000 in total limits And no missed payments …your credit score will generally take care of itself. That said, it’s still wise to review your credit report occasionally to check for errors or unfamiliar accounts. Final Thoughts If you’re thinking about buying a home in the next couple of years, now is the perfect time to review your credit and make sure you’re on track. Small adjustments today can make a big difference when it’s time to apply for a mortgage. If you’d like help reviewing your credit or understanding how it affects your mortgage options, feel free to connect anytime. I’d be happy to walk through it with you and help you plan with confidence.