SURREY, B.C. - A Surrey condo can look affordable right up until the second month of owning it. The listing price and the mortgage payment are only part of what a strata home costs, and British Columbia’s own strata housing guidance points buyers to the documents where the rest of the story is written.
Five hidden costs to check before you make an offer
1. Strata fees, and what they actually cover. Monthly fees fund the building’s shared expenses, but they do not cover everything, and a low fee is not automatically a bargain. It can mean a building is under-saving for tomorrow. Since November 1, 2023, strata corporations in B.C. must contribute a minimum of 10 per cent of the annual operating fund to the contingency reserve fund each year, the account that pays for big, infrequent repairs.
2. Special levies. When a major project costs more than the reserve holds, owners can be required to contribute additional money on top of their monthly fees. Ask whether any levy has been approved or discussed.
3. The depreciation report. Strata corporations with five or more strata lots must obtain a depreciation report on a five-year cycle. It inventories the building’s common property and projects maintenance, repair and replacement costs over 30 years, with at least three funding models for the reserve fund. It is the closest thing a building has to a long-range repair forecast, and it is required reading.
4. Insurance, and the deductible that can land on you. The strata’s insurance does not cover your contents, your personal liability, or additional living expenses if you have to move out after a claim. More importantly, the Province warns that an owner can be required to pay the strata corporation’s insurance deductible if a claim originates in their unit, even if the owner was not at fault or negligent, and strata deductibles in B.C. can range from $100,000 to $750,000 or higher. Your own policy needs to be built with that number in mind.
5. Taxes and closing costs. Property transfer tax, legal or notary fees and moving costs sit on top of the price. On a home bought for $1,000,000, B.C.’s property transfer tax alone is $18,000, charged on the fair market value on registration day.
The one document that ties it together
Ask for the Form B Information Certificate. The strata must provide it within seven days of a request, and it discloses the contingency reserve fund balance (minus approved but unspent spending), attaches the most recent depreciation report, and, since April 1, 2023, includes a summary of the strata’s insurance coverage. Read it alongside the financial statements and meeting minutes before you decide.
What it means for you
Compare the total cost of owning, not the asking price: fees, reserve health, upcoming repairs, the deductible exposure, and closing costs. A slightly more expensive unit in a well-funded building is often the cheaper home over five years. A qualified real estate professional and a lawyer or notary can help review the transaction. This article is general information, not financial or legal advice.
(Source: Government of British Columbia, strata housing guidance, accessed November 7, 2026)
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