Understanding Strata Ownership: A Guide for Victoria Home Buyers

Are you thinking about buying a home, condo or townhouse in Victoria with a strata? It's a great way to enjoy the benefits of homeownership without the hassle of maintaining a single-family home. However, there's one important thing to understand before you take the plunge: strata ownership.

What is Strata Ownership?

Strata ownership is a form of ownership where you own your individual unit within a larger building or complex. You also share ownership of the common property, which includes everything outside your unit's walls. This includes things like the building exterior (roof, walls, landscaping), shared amenities (pools, gyms), and building systems (plumbing, electrical). A strata can be associated with a single-family home, duplex or half duplex (freehold), row/townhome, or condominium.

The Strata Plan document outlines all of the details on who owns what—whether exclusive use or common shared ownership. In addition, the strata has a set of rules and by-laws that govern the use of the units and surrounding property. These types of documents—called supplements—can be found with the listing information accessed by Realtors.

What Does This Mean for You as a Homeowner?

As a strata owner, you are responsible for:

• The interior maintenance of your unit

• Your share of common expenses, which are covered by strata fees

• Potential special levies for major repairs

Common Misconceptions About Strata Ownership

One common misconception is that you are only responsible for what's inside your unit. The strata corporation handles everything outside. However, this is not the case. As a strata owner, you are jointly responsible for the maintenance and upkeep of the entire property.

Another misconception is that strata fees are a fixed cost. Strata fees can fluctuate depending on the needs of the building. For example, if the building needs a major repair, a special levy may be assessed to all owners.

Why Understanding Strata Ownership is Important

Understanding strata ownership is important for several reasons. First, it can help you avoid unexpected costs. If you are not aware of your responsibilities as a strata owner, you may be surprised by a special levy or a bill for repairs to the common property.

Second, understanding strata ownership can help you avoid disagreements with other owners. If you are not sure who is responsible for what, it can lead to conflict.

How to Get Informed About Strata Ownership

If you are considering buying a strata-managed property in Victoria, it is important to do your research on strata ownership. Here are a few tips:

• Read the strata documents carefully. These documents will outline the rights and responsibilities of owners, as well as the rules and regulations of the strata corporation.

• Attend strata meetings. This is a great way to learn about the financial health of the strata corporation and any upcoming projects.

• Talk to me. I can help you understand the specific strata corporation for the property you are interested in.

Buying a home in Victoria? I Can Help!

If you are thinking about buying a condo or townhouse in Victoria, I can help. I’m an experienced professional who can help you understand strata ownership and find the perfect property for your needs.

Contact me today to learn more!

Jacqueline Ross, REALTOR®
250.415.5656
jac@yourvanislehome.com

I know you are curious about what's been happening in Victoria's real estate market, so I'm here to give you a clear picture of the latest trends. This post dives into the December 2024 sales activity and shares some important insights from the Victoria Real Estate Board Chair, Laurie Lidstone, on what we can expect in 2025.

December 2024 Market Highlights:

Let's look at the numbers:

• We saw a total of 421 properties sold in the Victoria Real Estate Board region this December.

• That's a 28% jump from the 329 properties sold in December 2023! That's great news!

• However, it's a 23.6% decrease from November 2024, showing the market is always dynamic.

• Condominium sales were up 25% from December 2023, with 135 units sold.

• Sales of single-family homes also increased by 20.9% from December 2023, with 191 sold.

• Over the entire year of 2024, a grand total of 6,893 properties changed hands—an 11% increase from the 6,207 sold in 2023.

What This Means for You (Buyers & Sellers):

I want to break down what these numbers mean for you, whether you're looking to buy or sell:

For Buyers:

• The increased sales activity tells me the market is active. This is great for choice, but be prepared to act fast on properties you love.

• Inventory is still relatively low, which can mean more competition for desirable homes. Let's work together to make your offer stand out.

• Recent government changes, like extended amortization periods for first-time buyers and adjustments to property transfer tax thresholds, are aimed at making homes more attainable. Let's explore how these can benefit you.

For Sellers:

• The good news is that prices have been relatively stable for the past two years, providing a more predictable market for you.

• The low inventory could work in your favour if demand picks up, which could put upward pressure on prices.

My Take on 2025 (and What the VREB Says):

Laurie Lidstone, the 2024 Victoria Real Estate Board Chair, summed it up well: "2024 was a fairly calm year for local real estate...a year of stability and predictability." This is exactly what we want for a healthy market! The VREB also mentioned that consistent interest rates will help people make moves. I agree – stability is key.

The VREB is also advocating for gentle density development, which will help with our long-term inventory challenges.

My Advice:

The market is influenced by many factors, and predicting the future is impossible. But with consistent interest rates and the possibility of increased demand against limited inventory, it is key to be prepared.

Call to Action:

Whether you're thinking about buying or selling in 2025, I'm here to help you navigate this complex market. As your local expert, I can create a personalized strategy for you and your property.

Contact me today for a free consultation!

A Few More Numbers:

• At the end of December 2024, there were 2,290 active listings. This is down 19.3% from November but up 7.4% from December 2023.

• The benchmark price for a single-family home in the Victoria Core in December 2024 was $1,306,400, a 2.7% increase from December 2023 ($1,272,000) and a slight 0.3% increase from November.

• The benchmark price for a condo in the Victoria Core in December 2024 was $547,800, a 1.6% decrease from December 2023 ($556,500) but a slight 0.6% increase from November.

Stay in the loop! Subscribe to my newsletter for more market updates and local insights!

I'm here to help you achieve your real estate goals in Victoria!

– Jacqueline Ross

Jacqueline Ross
REALTOR®
Coldwell Banker Oceanside
250.415.5656
jac@yourvanislehome.com 
YourVanIsleHome.com
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