Form B in BC: What It Tells You Before You Buy a Strata Home

If you’re buying a condo or townhome in BC, you’ll probably come across the Form B pretty early. It’s the strata’s Information Certificate, and it gives you a quick snapshot of the building’s finances, rules, and anything you should know about. Here’s what’s in it, and what I look at first when reviewing one with a client.

What Is a Form B?

It’s a standard form under BC’s Strata Property Act. An owner, a buyer or someone they authorise can request it, and the strata has 7 days to provide it. The strata can charge up to $35, plus a small per page fee for copies. You can see the full requirements on the Province of BC’s Form B page.

What’s on It

• Monthly strata fees for the unit, and whether the owner owes the strata any money.
• Special levies that have already been approved.
• The contingency reserve fund balance, which is the building’s savings for big repairs.
• Parking and storage assigned to the unit.
• Legal issues, like court proceedings or work orders involving the strata.
• Bylaw changes that have been passed but not filed yet.
• A summary of the strata’s insurance.

It also comes with key documents attached, including the rules, the current budget and the most recent depreciation report.

What I Look at First

Levies that aren’t on the form yet. The Form B shows levies that have been approved. A levy that’s being discussed but hasn’t been voted on won’t show up, and it can end up being your bill. That’s why I read it alongside the minutes.

The contingency fund compared to what’s coming. A big balance can still be too small if the depreciation report says the roof or windows are due soon. I read the two together.

Insurance. Look at the deductibles, especially for water damage. If a leak starts in your unit, you could be responsible for part of it.

Parking and storage. Make sure the stall and locker you saw at the showing are the ones actually assigned to the unit.

What a Form B Won’t Tell You

A Form B is a snapshot of one moment. It won’t show what’s being discussed at council meetings, which is why I also read the last two years of minutes. Repairs, insurance claims and disagreements usually show up there long before they turn into a levy.

It also isn’t a home inspection. I review the paperwork as your real estate agent, and a licensed inspector checks the home itself.

Bottom Line

Never waive your subjects on a strata home without reading these documents: the depreciation report and the minutes. It’s a few hours of reading that can save you thousands.

Looking at a condo or townhome? Send me the listing, and I’ll tell you what I’d check before you make an offer.

You can also estimate your costs with my mortgage and closing cost calculator.

Buying your first strata home? The first-time buyer guide walks through the cash you need, the programs you qualify for and every step to your keys.