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Posts from the ‘Strata’ Category

What is a Strata Duplex – And Why Are They So Great?

I’ve always been a fan of strata duplexes – and I’ve never understood why some people shy away from them. Often, I find the same people who would not buy a duplex would quite readily buy a townhouse, which seems counter-intuitive to me.

A strata duplex is a duplex which is registered under the Strata Property Act. The purpose of such registration is to allow each side to have a separate title, and therefore, enable each side to belong to different owners. You could think of a strata duplex as a 2-unit condo or townhouse complex. Each side is a separate strata lot (like each unit in a condo building), and the common property is the exterior of the building including the roof, and sometimes, a common driveway. Usually the yard area is designated as limited common property: common property designated for the exclusive use of a certain strata lot.

The difference between a strata duplex and a condo or townhouse lies in the way the Strata Property Act affects the owners. Typically, strata duplexes are much less formal than condos or townhouses. Technically, they are subject to the same rules and regulations as any other strata – they must have a council, records, bylaws, collect strata fees, and contribute to a contingency fund. However, in practice, most strata duplexes do none of this. Beyond splitting the cost for insurance (a fire/earthquake policy covering the exterior of the building and common property liability) and common property maintenance and repairs (cleaning gutters, roof maintenance, etc), there is very little strata-like business that goes on in a strata duplex.

Strata duplexes are great because they are often larger and cheaper than a comparable townhouse, and don’t have some of the potential headaches that come with strata property ownership. Instead of 50 other owners to deal with and make happy, there are two. Good neighbour policy will prevail in most cases and the owners will come to an agreement about repairs and maintenance. In addition, you will often find that strata duplexes have much larger lots than the tiny postage-stamp that you’d have in a townhouse.

Sometimes, you can find a half duplex with a rental suite in it, making it ever-more-affordable and potentially attractive from an investor’s standpoint. It’s important to note, however, that most suites in duplexes are unauthorized.

If you’re considering buying a townhome or condo, you should look into a half duplex – you might be surprised to find a great alternative. If you decide to buy a half duplex, it would be wise to inquire with the owner of the other half about maintenance responsibilities. Obviously, it’s no good to replace just your half of the roof if the whole thing is getting to the point of replacement and the other owner refuses or doesn’t have the money. You’ll want to ensure the other owner is on the same page as you about replacing it.

If you’ve got a strata duplex to sell, and want an agent who understands this market segment, I’d love an interview. For more information about strata duplexes, including current listings, contact me.

Tim Ayres – Sooke Real Estate Professional

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Is Sunriver Estates in Sooke a Strata?

Sunriver Estates in Sooke has many different home designs, including this Riverstone plan.

This is a question I get all the time from people who are interested in buying a home in Sooke’s popular Sunriver Estates subdivision.

The answer is no, Sunriver is not a strata. There are no councils, meetings, minutes, or strata fees. Each detached home in the development is a fee simple title, which is the same as most other detached homes in British Columbia. However, there is a townhouse complex at Sunriver, which is a strata with the usual implications thereof.

What Sunriver is, is a planned community, meaning that you can’t simply purchase a lot and build whatever home you please on it. The developer at Sunriver has the exclusive rights to sell the lots, and will only do so with the purchase of a building contract to go with it. There are a number of different home designs to choose from, both single level and two-storey, and almost all the homes can have a basement built under them for an extra level.

 While Sunriver Estates in Sooke is not a strata, people often ask me about the “rules” for the community. A common rumour is that you’re not allowed to have a boat or RV in your driveway at Sunriver. This isn’t exactly accurate. All homes at Sunriver have a building scheme registered on title. A building scheme is a set of restrictions that a developer will register on the title to the lots to ensure a community that is uniform in appearance and neat and tidy. For example, it’s common for a developer that is selling only building lots to stipulate a minimum size for the homes or that mobile homes are not allowed.

Sunriver’s building scheme has a few stipulations about boats and RVs at Sunriver. Basically, they want them out of sight. Keep them in the back yard or screened behind a fence or lattice and you’ll have no problems. That being said, there is always the question of who enforces a building scheme, how they would do that, what the penalty would be for violation, and under what conditions would they enforce it, i.e., would it take a complaint from a neighbour?

Take a drive around Sunriver – you’ll see plenty of examples of boats and RVs in various states of compliance or non-compliance with the building scheme.

If you have any questions about Sunriver Estates, please take a moment to email me at Tim@TimAyres.ca, call me at 250-885-0512, or fill in my contact form – I’m always happy to help.

Tim Ayres – Sooke Real Estate Professional

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Strata Mondays #7 – Fractional Ownership vs Timeshare

In my continuing series about strata property, Strata Mondays, I answer a different question about condos, townhouses and other strata property in Victoria, Sooke, and British Columbia. Make sure you subscribe via RSS or E-mail to get each new post.

Sooke Harbour Resort and Marina - Fractional Ownership Available

Sooke Harbour Resort and Marina - Fractional Ownership Available

Q. What’s the difference between fractional ownership and timeshare?

A. When most people think of timeshares, they immediately conjure up images of being hauled into a room full of other unsuspecting tourists for a 90-minute hard-sell presentation in exchange for a free dinner or some other activity. Timeshares are popular in many resort destinations around the world, giving people an option to stay in a resort property for several days out of the year. With timeshare, you don’t actually own anything other than a right to occupy the property. Selling a timeshare can be difficult, and prices may not be related to the general market price of similar properties. Rules for selling timeshares are different than that of selling real estate, so engaging a real estate agent to market the timeshare may be impossible.

Fractional ownership is just that. You own a fraction of the property, independent of and along with other owners. Unlike timeshare, your name is registered on title, and you can freely sell your property just like any other piece of real estate in British Columbia. For recreational property, this makes great sense, since you’ll likely only use the property a few weeks out of the year. Why pay the big price and then have it sit empty the rest of the year?

Use of the property is governed by an  agreement between the owners which specifies which owners will have use of the property for which weeks of the year. Often, there is a rotation system in place, which ensures that no single owner will have exclusive rights to the peak season weeks. There is typically a management company and staff on site to handle the upkeep and maintenance of the property on behalf of the owners. In many cases, you can rent out your property if you won’t use all of the weeks of your share.

As with any real estate purchase, it would be well worth your while to engage an experienced REALTOR® to guide you through the process, as well as having a qualified real estate lawyer go over the legal details of the fractional ownership arrangement.

I currently hold the listing for a full ownership unit at Sooke Harbour Resort and Marina – and can also arrange quarter and eighth shares, too.

If you have any questions about strata property that you’d like me to answer, call me at 250-885-0512, send me an email at tim@timayres.ca or fill in my contact form. I’d be happy to help!

Tim Ayres – Sooke Real Estate Professional

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Strata Mondays #6 – Leaky Condos Part III

In my continuing series about strata property, Strata Mondays, I answer a different question about condos, townhouses and other strata property in Victoria, Sooke, and British Columbia. Make sure you subscribe via RSS or E-mail to get each new post.

A building awaits new landscaping after membrane replacement.

A building awaits new landscaping after membrane replacement.

Q. I’m considering buying a condo in an older building here in Victoria, BC – it was built in 1978. Do I need to be worried about leaky condos and expensive repairs?

[Read Part I of this post here, and Part II here.]

A. Yes and no. While older condos built in the ’70s and ’80s are not usually subject to the systemic problems that caused premature building envelope failure, there are still things you need to know. First, “leaky condos” were caused by premature building envelope failure – with an older building there might be problems with the building envelope related to its age, necessitating a renewal project. Hopefully, over the life of the building, the strata corporation has been doing the necessary preventative maintenance.

Increasingly common with buildings of this era are problems with the underground parking garage. Leaks develop and water slowly trickles down through the suspended slab of the parkade roof and into the garage. You might wonder what the big deal is; there are always drains and no one lives down there. But over time, if left uncorrected, the water will corrode the reinforcing steel embedded in the concrete, causing concrete decay and eventual structural damage – and the condo building is built upon the garage, after all.

The footprint of the building is smaller than the footprint of the parking garage, like this:

Finally, a use for MS Paint.

Finally, a use for MS Paint.

When the building was constructed, the parking garage was built first, and then the foundation of the building on top of the suspended slab roof of the parking garage. To prevent water leakage, a waterproofing membrane was attached to the sides of the building and over the top of the parking garage. On top of the membrane, the finishing landscaping and walkways, etc, were placed:

No, I didn't even TRY to draw a car.

No, I didn't even TRY to draw a car.

Over time, depending on the quality of the membrane originally installed, leaks will develop. Roots from trees could penetrate the membrane, there could have been small holes when it was originally installed, or it could just be breaking down after so long. The only real solution to the problem is to replace the membrane. The only way to do this is to dig up all the landscaping and other surface finishing, tear off the old membrane, replace it and then re-finish the landscaping. As you can imagine, this is not cheap – it’s not like you can re-use the  the excavated trees, concrete, and dirt – there’s no room on the property. It all has to be trucked away, and then new landscaping trucked in. I know of one building in Victoria whose residents had to shell out $20,000-$30,000 to have this done.

There are cheaper “solutions” sometimes floated by strata councils who don’t want to bite the bullet and replace the membrane. If the source of the leak can be identified, the area can be excavated, and the membrane patched. However, this is a temporary solution that may or may not work, and it will only prolong the inevitable, pushing up the cost when there are no more patches to do.

So, as a condo buyer, you should carefully examine the strata council minutes and find out if parkade waterproofing is an issue. If there has been an engineer’s report in the last few years you should carefully examine it. If there is no evidence in the strata records, you should specifically as your property inspector to have a look at the underground parking for potential leaks. You could also ask your REALTOR® if he or she knows whether or not the parking waterproofing has been replaced.

Tim Ayres – Sooke Real Estate Professional

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Strata Mondays #5 – Leaky Condos Part II

In my continuing series about strata property, Strata Mondays, I answer a different question about condos, townhouses and other strata property in Victoria, Sooke, and British Columbia. Make sure you subscribe via RSS or E-mail to get each new post.

A leaky condo undergoing repairs

A leaky condo undergoing repairs

Q. I’ve heard that most of the systemic problems that caused the leaky condo crisis in the 90’s have been fixed. What’s changed since 1999? Are there still leaky condos being built?

A. [Read Part I of this post here] Changes in building design and technology and the building code have come into effect since the end of the 1990’s. Instead of thinking of the building as one system that needs to be sealed up to prevent air loss and thus reduce energy costs, we now consider two separate systems: the exterior wall and the building envelope. The building envelope includes the roof and exterior cladding. Building codes now require an airspace between the exterior cladding (such as hardi-plank siding or stucco) and the exterior wall (covered by a water-tight membrane like building paper or Tyvek®). The idea is to allow airflow in behind the cladding to dry out  any accumulated moisture, while at the same time creating a means by which any wind-driven rain can drain out via gravity. See below:

You may hear the term "Rainscreen" in new or remediated buildings.

You may hear the term "Rainscreen" in new or remediated buildings.

It should be noted that you can’t blame the leaky condo crisis in BC entirely on the building code. It has been discovered in many court cases regarding leaky buildings that the exteriors of some buildings were not built to the code that was in place at the time. However, it certainly was a contributing factor.

Many of the leaky buildings built during the leaky condo era have been remediated at great expense to the owners. Typically they now employ some sort of rainscreen construction as detailed above. Most will be without problems, as long as a regular maintenance programme is put into place and followed. In fact, the warranty that comes along with a remediation is usually contingent upon a proper maintenance schedule.

When shopping with a REALTOR® for condos, especially those built in the 1990s, you should ask whether or not the building has undergone remediation, and inspect all documents that lead up to the work being done, including the engineer’s report. There are some buildings in Victoria and vicinity that have not been remediated, but instead opted for a “preventative maintenance” programme that will end up costing them more money in the end.

In British Columbia, anything built with a building permit filed after July 1, 1999 must come with a ten year new home warranty. Usually these come in a 2-5-10 or 2-10-10 format: 2 years materials and labour on the home – this would cover things like nail pops, cabinetry, and other deficiencies. 5 or 10 years on the building envelope system, the exterior cladding and weather barrier of the home, and 10 years on the major structural components of the home.

What about condos built these days? Do they still leak? Hard to say. I’d tend to reason that if there was still widespread and systemic premature building envelope failures happening in modern construction, we’d be hearing a lot more about it on the news. I’m sure there are probably a few recently built buildings where there has been water ingress issues, but nowhere near the magnitude experienced last decade.

Check back next Monday for Part III, when we’ll talk about another type of leaky condo you don’t always hear about!

Tim Ayres – Sooke Real Estate Professional

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Strata Mondays #4 – Leaky Condos Part I

In my continuing series about strata property, Strata Mondays, I answer a different question about condos, townhouses and other strata property in Victoria, Sooke, and British Columbia. Make sure you subscribe via RSS or E-mail to get each new post.

Leaky Condo being repaired

Leaky Condo being repaired

Q. I’ve heard the term “Leaky Condo” from my friends and family, and that I should avoid buying one. What is a leaky condo?
A. Put simply, a leaky condo is an attached strata unit (condominium or townhouse) that suffers grossly premature building envelope failure (water ingress/leaks) that causes major damage to the exterior and sometimes interior of the building. The end result is extremely costly repairs, some of which have yet to be carried out today, 10 years after the end of the”leaky condo era.”

The leaky condo crisis emerged in the late 1980s through the 1990s in coastal British Columbia as a result of two major factors. First, the design craze of the time was Californian style architecture. Second, new rules in the building code required builders to seal up exterior walls, in an attempt to increase energy efficiency.

In Coastal B.C. it rains a lot. California-style architecture is mostly stucco buildings with flat roofs, and little or no overhang from the top of the roof over the walls. If you look at most traditional buildings in Vancouver and Victoria, you’d find pitched roofs and/or good overhangs over the top of the exterior walls.

The new building code required builders to seal up the buildings to keep air out, to increase energy efficiency. The problem is that by doing this, water can still seep in. Without adequate ventilation to dry out the moisture, the wooden exterior wall starts to rot. Balconies were often worse – water would seep in and rot the support beams creating a safety hazard.

Rotten balcony supports

Rotten balcony supports

Often, the only real solution was complete building envelope replacement. This involved tearing off the entire face of the building, replacing most of the plywood sheathing, properly weather screening it, and replacing the exterior cladding with something more suitable to the design of the building and the climate in which it stands. This is extremely expensive, and it’s not unheard of to hear of owners having to shell out $30,000-$50,000 or even more in special assessments to get it right. Some stratas were able to successfully sue the developers and recover some of the money they paid, but many were on the hook for the repairs. But most of these buildings had warranties, right? Well, many did, but unfortunately the unraveling of the leaky condo crisis caused most of the home warranty outfits to disappear into bankruptcy, further leaving owners in the lurch.

Check back next Monday for Part II, when we’ll cover what’s changed since 1999.

Tim Ayres – Sooke Real Estate Professional

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Strata Mondays #1: Bare Land Stratas

bareland-strata

Inspired by my most recent First-Time-Buyer Friday post, I have decided to dedicate a new tag on this blog to covering strata issues. So, without further ado, we have the first weekly, but much less alliterative, Strata Mondays.

Q. When searching Realtor.ca the other day, I saw a property listed as a bare land strata. What’s that all about?

A bare land strata is a type of strata corporation where instead of a large building being divided up into strata lots (condos or townhouses) to facilitate individual ownership of the units, a large tract of land is divided up into strata lots. In this case, the strata lot is quite literally, a vacant lot.

Bare land stratas are quite common in semi-rural areas where all lots in a subdivision will share a common sewage treatment system, allowing the developer to subdivide the large tract into smaller lots this is because by sharing, each individual house does not need to have its own septic field, which takes up considerable amounts of room. Often, this is the sole reason for the strata, and as such, fees are generally very low, covering only things like maintenance and operation of the septic system, and insurance for the common property.

Common property, which is shared proportionally by all owners in the strata, is usually the septic field and/or its equipment, the road or shared driveway, and often some visitor parking areas.

Bareland stratas are usually much more casual than other strata corporations. Meetings are held informally and very infrequently. Often there is just a president and a treasurer that handle the corporation’s business, rather than a full strata council. By-laws are usually just the standard-form bylaws prescribed under the Strata Property Act. This can be both good and bad. Because they are so relaxed, you usually need not worry about being told what to do with your property or being constantly reminded of by-laws and worrying about infractions. However, this can also be taken advantage of by a bad neighbour or tenant who moves into and disrupts the neighbourhood by, say, parking a humongous boat, 2 other vehicles and a bunch of other junk on his or her front lawn. If the strata doesn’t have any by-laws about this, it may be forced to create some.

If you’re buying into a bare land strata, you should know that it’s very likely that there won’t be extensive financial records, by-laws, meeting minutes, and other documents you’d expect to find if you bought a townhouse or condo. A bank statement showing the amount in the strata account is often the extent of it.

One thing you should be aware of is whether or not the strata corporation owns the land upon which its sewage treatment system sits. Sometimes, this often sizable parcel is owned by the strata. In this case, if and when municipal sewers are extended to the strata and the sewage plant becomes redundant, the strata corporation can sell the land and equipment and the proceeds are then split among the owners. However, sometimes the strata is merely granted an easement or license to operate the septic system until such time as it becomes redundant. In this case, the strata can sell the equipment, but the land is up to the owner (often, the developer that built the subdivision).

Tim Ayres – Sooke Real Estate Professional

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First-Time-Buyer Friday #3 – Strata Properties

Shutters Spa and Residences

Shutters Condominiums on The Songhees in Victoria

In my continuing series, First-Time-Buyer Fridays, I answer a common question from a first-time buyer. If you have a question to submit, first-time-buyer or experienced investor, put one in the comments below, or fire me an e-mail at Tim@TimAyres.ca.

Q. I hear the terms “strata property,” “strata fee,” and “strata council” all the time when looking through listings and talking to real estate people. What exactly does strata mean?

A. Strata properties are just another type of property ownership. It’s a legal concept for dividing up a large property such as a condominium project into individual units that individual owners can own. Typically, a strata property will be either a condominium, townhouse, or bareland strata.

When you buy a strata property, you become a member of that project’s strata corporation, along with the other owners in the building. The strata corporation elects a strata council, which makes decisions and handles things like by-law enforcement, record-keeping, paying the common bills, and so on. Strata corporations are operated much the same as non-profit societies in this way.

A strata property is divided up into three types of property. There is the strata lot (SL), which is the unit that an individual can own; the actual townhouse or condo. There is common property (CP), which each owner in the strata corporation owns a proportion of, depending on the size of their strata lots. This would include things like the driveway, exterior of the building including the roof and exterior walls, hallways, elevators, and so on. Basically everything outside of the interior walls of the condo or townhouse. Finally, there is limited common property (LCP), which is common property designated for the exclusive use of an individual unit. For example, balconies are almost always LCP, and a parking space for a unit will often be LCP, especially in older stratas.

Strata fees are charged to each owner to cover the common expenses like heating the common areas, cleaning, maintenance, water, sewer, insurance, and so on. Strata owners are responsible to pay the strata fees (usually, once a month) levied to their strata lot. The amount each owner pays varies depending on their unit entitlement. Unit entitlement is a fancy way of saying the size of their strata lot in proportion to the other lots in the building or complex. So, the bigger in square footage you go, the more you can expect to pay in strata fees compared to smaller units in the same complex. Strata fees really to vary from property to property in Victoria and Sooke. I would budget about $200-$275 for a two-bedroom condo, and $100-$150 for a one-bedroom. I’ve rarely seen a monthly strata fee over $300 for either a townhouse or condo in Victoria or Sooke.

When buying into a strata corporation, you will be given the opportunity to read over records of all the meetings, letters, and financial statements from the last couple of years. You will also have a chance to read over the by-laws, to make sure they fit with your lifestyle. Many condominiums in Fairfield, for example, do not allow pets. Several others have an age by-law which restricts the units to those aged 19, 55, or even 65 and over. Some complexes allow rentals, and some do not, which is something to keep in mind, also.

All of this discussion about stratas has pushed me to start writing a new section on this blog focusing on strata issues. So, now we’ll have FTB Fridays, and Strata Saturdays Mondays (sorry, can’t guarantee writing on a Saturday!). For detailed information about British Columbia’s Strata Property Act, have a look at the Government of BC Website.

Thanks for reading! If you have any questions on buying your first or fiftieth home, I’d be happy to help. Call me any time direct at 250-885-0512 or e-mail me at Tim@TimAyres.ca.

Tim Ayres – Sooke Real Estate Professional

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Some Interesting Victoria Condo Statistics

Cook Street Village in the Fall

Cook Street Village in the Fall

One of the things I like about our real estate market is that it’s small enough that I can be confident selling homes and acreages here in Sooke where I live, and also helping people move to other regions in the Victoria Area. I started selling real estate in Vancouver, and it is much harder to do, due to the vastly larger geographic area of the region.

One of the challenges of a career in real estate is dealing with unforeseen problems. Case in point, yesterday. I have some clients that were supposed to close and move into their first condo in Victoria yesterday. I helped get them a great price on a large two bedroom right in Cook Street Village – an awesome location. As their notary was about to register title, she was reading through the strata minutes and came upon a notice dated about 2 weeks ago (well after we’d finalized the contract and removed conditions) that the strata council had called a special general meeting for next week to consider a vote to restrict the building to those aged 55 and older. While the bylaw, if passed, wouldn’t affect my clients (they’d be “grandfathered”), it may affect their ability to sell the unit when the time comes. No one bothered to tell either the listing REALTOR® or I about the proposed change.

Naturally, they were quite upset about it, and investigated whether they had a legal right to walk away from the contract, which they didn’t want to do because this is the perfect place for them. Their legal rights are pretty slim, since the Contract doesn’t provide for this sort of a situation, and functionally, it’s the same as if the noticed was delivered the day after they moved in, which could happen at any time.

To help ease their minds, I ran a few statistics for 55+ condos vs regular condos in Victoria over the past year. I really couldn’t find a conclusive difference in the selling price; in fact, it appeared that 55+ units sold for more than this unit on a per-square-foot basis.

So I thought I’d look at it from a different angle. Surely, if you restrict a building to those aged 55 and older, you’re cutting out a good chunk of your market and it should take longer to sell, right? Wrong! I found virtually NO difference in the days on market for comparable 55+ condos and regular condos in Victoria. Average time on market is about 66 days for each in the past year.

That being said, I still think it’s a bad idea for condominiums and their strata councils to restrict places based on age unless it’s a specifically-designed retirement community (assisted living, for example). Any way you look at it, you’re cutting out a good portion of your market, and with the number of condos on the market in Victoria increasing all the time, your pool of potential buyers starts to get pretty thin.

Instead, why not deal with the issues directly? Is the problem that you’re worried about noise? Enact a noise bylaw and enforce it! Parties? Same thing – enforce a bylaw! Personally, I’d rather live in a building that has mostly older folks in it – I enjoy my peace and quiet. There are better ways to control the “problems” from younger residents than barring them completely.

Tim Ayres – Sooke Real Estate Professional

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Victoria Real Estate Board Releases StrataDocs Online

This is probably the biggest news since WebForms™ was introduced a few years ago. Remember how that made your life so much easier?

First, the official news release from the Board:

New StrataDocs Online Service for REALTORS®

Helps Buyers of Strata Units

The Victoria Real Estate Board (VREB) has introduced a new online service for its REALTOR® members called StrataDocs Online that will make it much easier for buyers of strata units to obtain important documents.

Under the system, REALTORS® can obtain online all the required documentation buyers need when purchasing a strata unit, such as copies of the strata bylaws and minutes of meetings. REALTORS® can then email these documents directly to buyers, saving considerable time and effort. Previously, REALTORS® had to request the documents from the strata council, or property management company, and wait for photocopies to be made. The program also allows strata unit owners access to their documents at no charge.

VREB President, Bev McIvor, says StrataDocs Online is a first for British Columbia, “We are the first Board in the province to have introduced this program which was developed for us locally. We’ve launched the programme with three condominium buildings online and are now working closely with property management companies to get many more buildings included in the system.” McIvor added that the property management companies will be responsible for ensuring that all relevant documentation is available on the system and is kept up to date. “We invite property management firms and independently managed stratas to contact us to learn more about how they can participate in this new program.”

McIvor noted that other real estate boards in the province have expressed considerable interest in working with the VREB to implement a similar program in their respective areas.

Why is this such big news? Well, as the release says, once more buildings and property managers are on board, you won’t have to wait the sometimes agonizing wait for documents. With the exception of a Form B Information Certificate, you will be able to have everything ready for a potential buyer on a moment’s notice. You’ll have a permanent, electronic copy that you can keep for the next time you have a unit in the complex (think of marketing yourself as a “building expert”). You can forward them via e-mail to an out-of-town buyer. Or, forward them to your internet fax (see my earlier post) and away they go via fax, anywhere in the world, without you wasting any paper.

And the best part? It doesn’t cost you a cent more. You’re still paying for the documents from the strata management company, but no premium for the StrataDocs service. It’s a win-win for everyone involved.

This technology was developed in-house at the Victoria Real Estate Board and has been a couple of years in the making. You may remember having the opportunity to demo the system at the VREB Tech Fair last November. The implications of this being a proprietary software are huge, too. The Board could license the tech to other real estate boards in other markets in exchange for a license or subscription fee. It could be a great source of income for the board and could reduce our fees.

The Board is recognized industry-wide for being an innovator in the technological arena and it’s no surprise that they’ve developed a sure winner with StrataDocs Online.