A condo can fit the mortgage calculator and still stretch the budget. The monthly strata fee is visible in the listing. A major repair, a planned levy or an insurance issue may take more reading.
This matters whether you are comparing an older Port Coquitlam apartment or a newer Coquitlam tower. Building age alone does not tell you which strata has the stronger maintenance plan.
Use the Form B as a starting point
BC’s Form B information certificate discloses items including current strata fees, approved special levies and their payment dates, the contingency reserve fund position and a summary of strata insurance. Supporting documents include the current budget and most recent depreciation report, if any.
It is a snapshot dated when the certificate is prepared. Ask your real estate professional what newer minutes, notices or decisions also need to be checked. A document supplied early in a long transaction should not be treated as an answer to every later question.
Read the repair plan alongside the savings
A depreciation report is useful because it looks beyond this month’s bills. BC’s current depreciation-report requirements include a July 1, 2026 deadline for specified existing strata corporations in Metro Vancouver and the Fraser Valley that had no report or a report received before December 31, 2020. The rules include exceptions and different timing for newer corporations; do not assume every building has the same deadline.
For a purchase now, ask which rules apply to this strata and whether an up-to-date report is available. Absence of a report is a question to investigate, not proof that a building is sound or that a mortgage will be declined.
| Record | Question for your review |
|---|---|
| Current budget and financial statements | Does normal income cover normal expenses, and how is reserve funding planned? |
| Depreciation report and meeting minutes | Which projects are approaching, and what funding decisions have actually been made? |
| Form B and levy notices | What is already approved, what is merely proposed, and when would money be due? |
| Insurance summary | What should your own insurance adviser review about coverage, exclusions and deductibles? |
A special levy changes the cash question
Illustration, not a prediction: you have set aside $22,000 after your down payment for closing expenses, moving and an emergency reserve. You learn about a $14,000 levy affecting the unit. If your contract and legal review establish that you must fund that amount, only $8,000 remains for everything else.
The point is not that the levy makes the purchase wrong. It is that the decision has changed. Do not assume the mortgage automatically pays the levy, or that an appraisal will rise by the same amount after the work is complete. Confirm the cash requirement, lender treatment and contract allocation separately.
Why the broker needs the building information
The lender assesses the property as well as the borrower. CMHC’s mortgage-application checklist includes the listing, purchase agreement, property taxes, heating costs and condominium fees among relevant property details.
Send material strata concerns to the broker early so they can identify what the intended lender needs. The broker’s financing review does not replace a lawyer’s contract advice, an insurance adviser’s coverage review or a qualified professional’s assessment of building condition.
A practical order of work
- Obtain the current strata document package through your real estate professional.
- Separate confirmed obligations from potential future projects.
- Have legal and insurance questions directed to those professionals.
- Give the broker the property and cost details needed for the lender review.
- Update your cash budget, including a reserve you are comfortable retaining.
- Confirm outstanding conditions before deciding whether to remove subjects.
BCFSA’s Form B practice resource provides another reference on the certificate and its attachments.
Common questions
Does a low strata fee mean the condo is cheaper to own?
It describes one current payment. Consider what services it covers, maintenance planning and your own insurance and repair exposure before drawing that conclusion.
Does an approved mortgage mean the strata is financially healthy?
No. A lending decision is not a building inspection or a guarantee against future levies.
Can I finance a special levy?
That requires a specific assessment. Ask before relying on mortgage or other borrowing to meet a payment deadline.
Bring the building into the mortgage conversation
If you are comparing units, send Milka the listings and known strata costs before choosing a budget. For the initial cash calculation, see the Burnaby condo down-payment guide; for property-specific due diligence, read the older-home financing guide.
Research checked 23 October 2026. General information only. Strata, legal, insurance and lending questions require review of the actual property and documents.
Illustrative photograph: Pexels. The image does not depict a client or a property listing.
