What you should know about applying for a mortgage on a strata property
It’s recommended that your offer should be subject to viewing various strata documents
A form B will be required by your lender from the last 30 days. This form confirms the current state of the strata including any outstanding levies or special assessments as well as how much money is in the contingency fund.
Lenders may also want to view a depreciation report, AGM minutes, and any special assessment reports.
Your strata payment should include insurance for common areas, maintenance of common property and landscaping. Often if you purchase a unit located in a complex or building with lots of amenities, you can expect to have a much higher strata payment.
Your strata payment is included in your mortgage affordability calculations.
Reach out if you want to discuss what your financing options are for getting into a condo or townhouse 🙂