BC Sunshine Coast real estate by Menno at Royal lePage Real estate on the BC Sunshine Coast

Think of the Sunshine Coast, you’ll imagine endless beaches, thick forests, quaint villages and the epitome of cottage life. These days you can add to that some pretty interesting strata projects for you to enjoy.

Beaches, forests, mountains, wildlife, clean air and small villages including the cottage lifestyle. How can there be condo/strata units on the Sunshine Coast?

It used to be that almost everybody on the Sunshine Coast would live in a house, either with or without acreage. Steadily, a small number of strata developments have sprung up; slowly changing the real estate landscape and offering substantially more consumer choice.

Slowly and remarkably tastefully, the Sunshine Coast has seen the start of various strata developments to suit a number of tastes. We have no high-rise buildings although some fairly substantial projects are well under way.

Known for its beautiful scenery and its proximity to Vancouver, the Sunshine Coast has been attracting new residents from Vancouver for decades. Newcomers get to enjoy the friendly and relaxed lifestyle, while meeting hospitable and helpful people. Many Vancouver residents also know that outstanding real estate deals are still available on the Sunshine Coast.

Most new construction in Vancouver is now of the strata type. They have no choice - they're running out of space. Things are different on the nearby BC Sunshine Coast.

A CONDO IN THE WILDERNESS

Although we remain a bit of a paradise of acreages, view homes, farm properties and even some oceanfront estates, we now also have quite a few strata properties. This would include bare-land, apartment style and townhome properties. In Vancouver, most new projects are strata-based, just because the city is running out of land. On the Sunshine Coast, this isn’t yet the case. However, the number of strata-titled properties is continuously growing.

A major difference between the Vancouver real estate market and the Sunshine Coast real estate market remains that we, on the Sunshine Coast, mostly deal with single family homes. In the Vancouver real estate markets, where population pressures are noticeable, the “strata concept” is a very usable tool to increase population density while providing secure ownership rights to unit occupants. There are advantages and disadvantages to owning a strata lot (meaning: a unit in a strata corporation). The owner of a strata lot owns two things: his or her strata lot plus a share of the common property.

The definition of what exactly is “owned” and what is “shared” can slightly differ from property to property.

- A strata lot boundary is usually defined as running from and to the centre of walls, ceilings and floors but these boundaries may be different if the strata plan shows this differently.

- In a bare-land strata plan, the strata lot will consist of the land and not the building situated on the strata lot.

- The share of the common property is described as a share as a tenant in common with the other strata owners, of the common property of the strata corporation that is based on their unit entitlement.

Every strata corporation has its own rules, intended to protect the interests of all owners. It's an interesting form of self-government.

SORT OF A LITTLE GOVERNMENT

Strata lot owners have rights and obligations – these are set out in bylaws. An obvious right is the one to vote at general meetings of the corporation, which actually has limited governing powers. An obvious obligation is to pay strata fees. There are many more rights and obligations.

The Financial Institutions Commission of the Province of BC has been so good to prepare a large number of guides that cover a range of topics and issues as found in the Strata Property Act and Regulations. With 173 pages in total, it’s quite a stiff read. However, the several topics are broken up pleasantly and available for free download on the following government website:  http://www.fic.gov.bc.ca/responsibilities/strataowners/instruction_guides.htm

These guides are just “guides” and not legal documents, as the authors go to great length to explain at the heading of each brochure. The guides do not provide a legal interpretation. The guides do not include information on how the courts may have interpreted the Act or Regulations.

A strata corporation is bound by its own set of rules but mostly by the statutory requirements put down in the Strata Property Act, again for everybody's protection.

HERE IS THE FULL ACT

Readers are encouraged to seek legal advice to deal with specific situations. In an effort to be overly cautious and perhaps even redundant, the Superintendent or any other authority of the Province decline liability for any inaccurate or incomplete information in these guides.

The full act is also available on-line, consolidated by the Queen’s Printer: http://www.bclaws.ca/EPLibraries/bclaws_new/document/ID/freeside/98043_00

Strata type properties can be found all over the province, mostly in the larger centres. We should probably also expect more strata properties on the Sunshine Coast.

MORE STRATA UNITS IN THE FUTURE

Currently, there are just below 30,000 strata corporations in British Columbia consisting of about one Million individual units. The total value of strata units is estimated at $180 Billion. Even the amount of the funds-administered by these 30,000 strata corporations is quite staggering. Annual funds processed exceed $1.5 Billion. Two-thirds of that amount goes to operating funds and one-third (roughly) to contingency reserve funds.

Sunshine Coast real estate is a safe investment, strata properties included. To prove that point, all banks are willing to finance a home or strata unit, just like they would in the big city.

If you`re looking into buying or selling real estate in the (near) future, it`s a good idea to read up on the topic. Many general real estate situations apply similarly  - with some exceptions that would only apply in strata or freehold situations.

There are many legal sides to acquiring, owning and keeping property. In the below articles, some other interesting legal points are being explored.

MORE INFO on real estate on the Sunshine Coast can be found in the following blog articles:

Not a bad place for retirement: http://www.mennorealty.ca/Blog.php/debt-free-retirement

Market developments: http://www.mennorealty.ca/Blog.php/up-r-down

Do you know how realtors get paid? http://www.menno.ca/?p=20311

House hunting tips if you want to take things seriously: http://www.menno.ca/?p=20375

Love at first site on the Sunshine Coast: http://www.mennorealty.ca/Blog.php/buying-first-glance

Stable Sunshine Coast real estate market: http://www.menno.ca/?p=20328

Quaint villages and first-class scenery: http://www.mennorealty.ca/Blog.php/a-magnificent-setting