Strata special levies: read the documents before you count the rebate
A special levy is a one-time charge to strata owners for a project the contingency fund cannot cover. In older Lower Mainland buildings they can be large.
Where to find them
- Form B information certificate: lists approved levies and amounts owing.
- Minutes: show what the council is discussing but has not voted on yet. Read at least two years.
- Depreciation report: shows what is coming over the next decades and whether the contingency fund can pay for it.
- Engineering reports: envelope, roof and plumbing studies often precede big levies.
Who pays an approved levy
Under the BC Strata Property Act, the owner at the time a levy becomes payable owes it, but buyers and sellers can agree otherwise in the contract. Your agent should address it in the offer.
Use the rebate wisely
If a levy is on the horizon, setting your rebate aside for it is a good idea. On a $750,000 condo the 50% rebate is about $5,348.