Over half of all properties being sold in the Victoria area are strata titled properties, more commonly referred to as condos. With a price point significantly below single family homes these properties appeal to first time buyers in large numbers. They also appeal to retirement couples, downsizers and others looking for smaller spaces and less maintenance and upkeep. But many buyers are unaware of how condos work, or should work, and how it is to actually live in one.
Over the next few months I'll be coming back to the topic of buying a condo in Victoria to address such issues as bylaws and restrictions, maintenance, governance, reserve funds, leaky condos, engineerign studies, the strata property act and more. I invite you to read along and provide your own input.
As a starting point CMHC puts out a handy condo buying guide that provides some useful basic information. The link is below, have a look and I hope to see you here over the next few months as we talk about buying condos in Victoria.