After a few recent escapades with condo purchases, I want to talk about doing your homework when purchasing a strata property.

Strata properties can offer the convenience of shared maintenance costs, security, benefits like pools and workout rooms and in some cases, a more attractive price point. For people with busy schedules who don’t have the desire to spend time on yard work or shovelling snow, strata properties can be a great fit.

Strata properties are usually managed by strata councils. There are legal requirements with respect to meetings, finances and insurance, record keeping, maintenance and upkeep, as well as bylaws and rules.

But not all strata properties are created equal. People don’t realize the importance of taking the time to read through the strata documents when they are considering buying a strata property.

From a financing perspective, there are several pieces that lenders look for. Lenders and insurers (CMHC, Genworth, Canada Guaranty) will read through strata documents, particularly meeting minutes, financials and depreciation reports. They are looking to........

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