A third of all residential properties in Victoria and Nanaimo are strata. Before you buy a condo or townhouse, here's what the fees, bylaws, special levies, and depreciation reports actually mean for you.
Strata ownership is how the majority of condos, townhouses, and many row homes are structured in BC. If you're moving to Victoria, Nanaimo, or a growing Island community and looking at anything that isn't a detached house on its own lot, you're almost certainly looking at strata.
Strata ownership works well for millions of BC residents. But it comes with rules, shared costs, and governance structures that can surprise buyers who come from provinces where "condo" means something simpler. This guide covers the mechanics — not to scare you off strata, but so you can evaluate properties clearly and avoid the specific pitfalls that trip up Island buyers.
When you buy a strata property, you own your individual unit (called a "strata lot") plus a share of the common property. You're automatically a member of the strata corporation — a legal entity that owns and manages the common areas on behalf of all owners.
Common property includes anything that's not exclusively part of one unit: hallways, lobbies, elevators, roofs, exterior walls, parking lots, gardens, amenity rooms, and mechanical systems. In a well-run strata, these are maintained through the strata fees you pay every month.
| Component | Who Owns It | Who Maintains It |
|---|---|---|
| Your unit interior (floors, walls, fixtures) | You (the strata lot owner) | You |
| Balcony / patio (if any) | Often "limited common property" — designated for your exclusive use | Often the strata corporation |
| Exterior walls, windows, roof | Strata corporation | Strata corporation |
| Plumbing / electrical in walls | Strata corporation | Strata corporation |
| Parking stall, storage locker | May be strata lot, common property, or limited common property | Varies by designation |
| Lobby, gym, amenity room | Strata corporation | Strata corporation |
The Strata Property Act (SPA) is the BC law governing strata corporations. It sets minimum rules for how strata corporations must operate, what records they must keep, and what rights and obligations owners have. Your strata's bylaws and rules operate within the framework the SPA establishes.
Strata fees (also called maintenance fees) cover two things: operating expenses and contributions to the contingency reserve fund (CRF). Understanding the split between these two is crucial.
The day-to-day costs of running the building: insurance on the common property (not your unit's contents), landscaping, elevator maintenance contracts, utilities for common areas, property management fees if the strata uses a management company, and routine repairs. These expenses recur annually and are relatively predictable.
The savings account the strata corporation must maintain for major future repairs. Roof replacement, parkade waterproofing, elevator modernization, lobby renovation — these are large, infrequent costs. Under the Strata Property Act, strata corporations are required to contribute at least 10% of annual operating expenses to the CRF each year. Well-managed stratas contribute considerably more.
A strata with a healthy CRF can fund major repairs without levying owners. A strata with a depleted CRF will issue a special levy — a large one-time charge to cover the shortfall.
| Property Type | Typical Monthly Strata Fee (2026) | Notes |
|---|---|---|
| Small condo, older building (Victoria) | $350 – $600 | Higher fees often signal deferred maintenance catch-up |
| New condo (Nanaimo, Langford) | $250 – $450 | New buildings have low initial fees; expect increases after warranty |
| Townhouse complex | $250 – $500 | Varies widely based on amenities and exterior complexity |
| High-amenity Victoria condo (concierge, gym, pool) | $600 – $1,000+ | Amenities cost money to run; factor this into your budget |
| Bare-land strata (individual homes in a strata plan) | $100 – $300 | Owners maintain their own buildings; fees cover road, utilities, landscaping |
A depreciation report (sometimes called a reserve fund study) is a professional engineering assessment of a strata building's major components, their remaining useful life, and the projected cost to repair or replace them. BC law requires most stratas to have one updated every 5 years.
The depreciation report is the single most important document for evaluating a strata property. It tells you:
Until 2023, BC stratas could vote to waive the requirement to obtain a depreciation report. Many older Victoria and Nanaimo buildings exercised this opt-out annually. If you're looking at a strata with no depreciation report, ask why — it's often because the report would reveal a severely underfunded reserve or major upcoming expenses that owners didn't want disclosed to buyers.
BC amended the Strata Property Act in 2023 to eliminate the opt-out for most stratas. Buildings that have avoided reporting for years are now having to commission reports, and buyers in 2026 will increasingly have access to this data. Still — verify whether a current report exists, and treat its absence as a red flag.
When you review a depreciation report, pay particular attention to the CRF adequacy in the first 5–10 years and the 30-year projection. A building where the CRF goes negative in year 7 with a $4 million roof replacement looming is a very different purchase from a building that's fully funded for 20 years.
A special levy is a one-time charge levied on all strata lot owners to pay for an expense that the CRF can't cover. These can range from a few hundred dollars for a minor repair to tens of thousands of dollars for a major project.
Common triggers for special levies on Vancouver Island:
Every strata corporation has bylaws — legally binding rules about how owners and tenants must use their units and the common property. These are not optional and they matter enormously to how you can live in the property.
Common strata bylaw restrictions that affect Vancouver Island buyers:
Many Victoria and Nanaimo stratas restrict pets by size, number, or species. A bylaw allowing "one cat or one dog under 25 lbs" is not uncommon. If you have a dog, verify the bylaw before your offer. These restrictions are frequently enforced and legally binding.
Stratas can limit short-term rentals (Airbnb) and in some cases long-term rentals. BC's Strata Property Act was amended to restrict stratas from banning long-term rentals entirely, but short-term rental bans are still fully enforceable. If you're buying as an investment property, confirm rental rules first.
Most renovations inside your unit that affect common property (moving load-bearing walls, altering plumbing or electrical in shared systems, changing windows) require strata council approval. The process varies from a simple written notification to a formal application. Don't assume renovations are freely permitted.
Parking stalls are often limited common property — designated for your use but owned by the strata. Check what's included with your unit, whether you can rent out your stall, and whether EV charging is permitted (increasingly important and often a bylaw update issue).
You don't just live in a strata — you're a voting member of its governing body. Every owner has a vote, and the decisions made at Annual General Meetings (AGMs) directly affect your costs and living conditions.
The strata council is a group of elected owners (usually 3–7 members) who manage day-to-day operations between AGMs. They approve contractors, handle bylaw enforcement, manage the strata manager, and make decisions within the authority granted to them by the full ownership.
At the AGM, all owners vote on:
Bad stratas often have disengaged councils, poor financial management, and AGMs where nothing gets decided. Healthy stratas have active councils, well-maintained common areas, and transparent finances. Ask about council turnover and whether the AGM minutes show constructive engagement — or chronic conflict.
When your offer on a strata property is accepted, you'll receive a package of strata documents. Your subject removal period — typically 5–10 days — is when you review them. Don't skip this step.
The standard strata documents package includes:
What to look for specifically:
Victoria has the Island's largest and most varied strata market — from heritage-converted apartments in James Bay to high-rises in downtown to townhouse complexes throughout Saanich and Oak Bay. Older buildings (1960s–1990s) require careful due diligence for envelope issues. Langford and Colwood have seen a wave of new strata development since 2015 with generally better construction standards. Average strata fees in Victoria are higher than elsewhere on the Island, reflecting building complexity and age.
Nanaimo's strata market has grown significantly, particularly in the Old City Quarter and Chase River/south Nanaimo areas. Townhouse stratas are common and offer better value per square foot than Victoria. Many buyers from Metro Vancouver find Nanaimo strata fees noticeably lower. The market includes a lot of bare-land stratas in newer subdivisions — these have minimal common property and low fees, but owners bear more individual maintenance responsibility.
Smaller strata markets but growing fast. Many are newer construction (2000s–2020s) with better initial condition than older Island buildings. Smaller strata corporations (6–20 units) are common — these can be well-managed by engaged owners, or chaotic without professional management. Fewer amenities typically means lower fees. These markets suit retirement buyers who want low-maintenance living without Victoria prices.
Strata living on Vancouver Island offers genuine advantages: lower purchase prices than detached houses, low personal maintenance responsibilities, and often great locations. Thousands of residents in Victoria and Nanaimo own strata properties and are very happy with the choice.
The buyers who regret it are usually the ones who didn't review the depreciation report, ignored the thin CRF, or didn't read the pet or rental bylaws before closing. The due diligence steps aren't burdensome — they just require doing them.
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