Strata Tip of the Week - Understand Parking and Storage Designations
Most buildings that were built in the 90s or earlier came with more parking stalls and storage lockers than units. Today, we’re seeing many new strata developments that have less parking stalls and storage than units, which makes these components that much more important and valuable to consumers.
You should be able to find information about a strata lot’s parking and storage on the Form B. It’s important to also verify this information on the Strata Plan or Parking Plan filed with the Land Title Office, as we’ve come across many Form Bs that provided incorrect information.
When it comes to parking stalls and storage lockers, there are 5 ways you’ll typically see them designated:
It forms part of the Strata Lot
Common Property (the strata council grants permission to an owner to use a spot on a yearly basis, and although unlikely, can change or take the spot away)
Limited Common Property (you have exclusive use of a specific spot, and the designation can only be changed if the owners pass a unanimous resolution)
Limited Common Property for a Specific Section (found in sectioned stratas; the residential executive grants permission to use a spot on a yearly basis and (like with a common property spot) can change or take the spot away)
Long Term Lease (the spot is subject to a long term lease associated with the strata lot; a copy of the lease should be obtained from the sellers, as the strata corporation does not usually retain copies)
Long term parking and/or storage leases can have significant implications for both buyers and sellers. Here’s an article from the BCFSA which provides a good example and cautionary note.