Date of Report

06/03/2025

Intended Client

ABC (XYZ Realty) ; Listing Agent
Address
Surrey, BC

Thank you for providing StrataReview.ca, the opportunity to assist you with your Strata Documents Review. Our objective is to simplify the often complex strata documents, making them easier to understand.

The purpose of this review is to evaluate important key aspects of strata property documents, including financial and operational factors, thereby helping potential clients with a clear understanding. It involves a brief analysis of key documents, including the strata bylaws, financial statements, meeting minutes, and strata insurance policies.

The strata documents review might help identify and uncover potential concerns, enabling and empowering the potential clients to make more informed decision.

Please note:

  • The contents of the report, excluding the original documents, are intended solely for the use and benefit of the intended clients named within it. We accept no responsibility or liability to any third party who relies on the report, in whole or in part.
  • The contents of the report are accurate as of the date of this report and may be subject to change at any time.
  • The information provided in the report is based solely on the documentation provided which may include (but are not limited to) Form B, bylaws, financial statements, depreciation reports, insurance certificates, and strata plans.
  • It is advised that the intended clients review all strata documents in full and consult with appropriate professionals where necessary.

Placeholder

  • The report does not intend to include and summarize all essential, necessary, and fundamental information. It does not constitute a full investigation into the physical, legal, or financial condition of strata property or strata corporation.
  • While every effort is made to ensure accuracy, we do not warrant that the information provided in the report will be free from error or omissions.
  • Report does not include physical visit to the site.
  • We don’t provide opinions on real estate transactions & legal, engineering or financial advice.
  • We are not responsible for any direct, indirect, incidental, or consequential damages arising from the use of the report. Our liability, in any case, is strictly limited to the total fees received for preparing the report.
  • We are not responsible for any direct or indirect damages arising from the use of the report.
  • The report is provided for general information purposes only.
  • The contents of the report should not be copied, reproduced, distributed, altered, or used for commercial purposes without prior written consent.
  • By proceeding with ordering the report, you acknowledge and agree to these limitations.   We are here to illuminate the complex path of reviewing strata documentation, but the ultimate responsibility for your decisions rests with you.

If you have any questions, we’re more than happy to provide further clarification to the best of our knowledge.

Regards

Sahil Gupta

Strata Document Review Advisor  

Experienced Strata Professional

Placeholder

Primary Insights

Forms B
22/03/2025
Building Name
ABC Living
Unit number
405
Strata Lot number
45
Address
123, 12345 456 Avenue, Surrey, BC, V0N 0N0
Strata Plan number
EPS1234
Parking Stall Number
93, 94 as Limited Common Property
(Remarks)
As per strata plan, it is common property, may be allocated by owner developer assignment
Storage Locker number
65 as Limited Common Property
(Remarks)
As per strata plan, it is common property, may be allocated by owner developer assignment
Last Annual General Meeting
07/02/2025
Last Council Meeting
08/01/2025

Highlights

Strata Management Company
XYZ management
info@xyz.com
www.xyz.com
Strata Fees
$563.88
Unit Entitlement
83/4995 (1.66%)
Alterations
Yes, in July 2021
Approval for New Flooring installation
Special Levy
$373.87, to be paid on 4th April 2025
For replacing existing intercom system with new access security system which include Remote FOB access to the building.
Potential Future Levies (may or may not be applied)
$1,225 plus tax per month for 66 months for all units ($20.33 plus tax per month for 66 months, for Unit 405 ,as per unit entitlement)
For Repair of building plumbing system leaks caused by multiple pinhole leaks resulting from soft water corrosion. (Proposed in last 2 AGM's but not passed)

Strata Insurance

Insurance Broker
Hub International
Insured Period
December 4, 2023 to December 4, 2024
Insured Value
$19,906,000

Key Deductibles

Water
$50,000
Sewer Back up
$25,000
Earthquake
20% or $250,000 whichsoever minimum
Flood
$50,000

Financials

Fiscal Year
January – December
Last Financial Period
January 2024 – December 2024
Operating Expenses
$382,510.82
Operating Surplus /Deficit
$41,207
CRF balance (Contingency Reserve Fund)
$298,815.31
Operating Cash
$20137.98
Current Budgeted Period
January 2025 – December 2025
Operating Expenses
$409,824
CRF balance (Contingency Reserve Fund)
$345,345

Depriciation Report

Date
01/02/2021
Construction year
2006
Exterior Wall Cladding
Combination of brick, vinyl and fibre-cement
Glazing
Vinyl-framed double-glazed windows and sliding patio doors
Estimated Replacement Expenses over first 5 years starting 2021
$56,942

Potential Future Expenditures

Vinyl Membrane
Vinyl Membrane is a commonly used waterproofing material for balconies. Estimated Remaining Service Life is 6 years. Estimated Replacement Cost is $300,000.

Bylaws & Rules key points

Pets
No pets may be kept in a strata lot otherthan the following: (a) a reasonable numberof fish in one or more water aquariums, upto a sum total of FIFTY (50) gallons (189litres), where each aquarium is properlysupported for an even distribution ofweight; (b) up to 2 small caged animals thatweigh no more than one kilogram each; (c)up to 2 birds; (d) up to 2 cats, or 2 dogs, orone cat and one dog.
Moving Fees
A resident shall pay the non-refundable fees with respect to any move in or out of the resident’s strata lot; a move-in fee in the amount of $75 and a move-out fee in the amount of $75
Alterations
Obtain written approval of the stratacorporation before altering a strata lot,common property, including limitedcommon property.
Smoking
There shall be no smoking by any owner,resident or guest anywhere on the followingcommon property of the strata corporation:halls, stairs, lobbies or the fenced areasurrounding the swimming pool....... Smokingshall only be permitted in the followingareas: (a) an owner's strata lot; (b) limitedcommon property designated to an owner'sstrata lot; and (c) the parking lots and thefire lane joining the two parking lots. (d) the steps in front of an owner's townhouse.
Fines
The strata corporation may fine an owner ortenant a maximum of (a) $200 for eachcontravention of a bylaw. (b) $50 for each contravention of a rule. (c) $500 for a breach of the Rental Restriction Bylaw.
Schedule of Fees
Pool/Gate Key: $10 deposit, Bicycle CabanaKey: $10 deposit, Condominium Front DoorKey: $50 deposit ,Satellite dish installationon building (one time fee): $25, Additional Parking space rental: $25/month

Additional Comments

Electric Vehicle Charging system
Strata corporation is not liable to approve installations of any electric vehicle charging systems until the council has received the required information from the engineer.
Storage Rooms
Residents must not keep any items outside storage locker, any item found will be removed at owner's expense. Gasoline in containers and Propane Containers are not permitted to be stored anywhere in the complex including storage rooms, strata lots and parkade
Resident Manager
Council is considering hiring a full time or part time resident manager. As per one of the quotations, approximate cost per month for full time manager is $5200 plus tax and part time manager is $1800 plus tax
Upgradation of Telus Lines
TELUS will be decommissioning originalcopper lines and presented the strata with aproposal to install fiber optic cables oncommon property.
Current list of council members
Duston Woodrow SL1, Danika Sweet SL5, Andrew Jackson SL7, ShannonGallie SL12, Shayne LeGear SL20, DanEbnal SL41, Jenna Prelusky SL90