604 replies to this topic

[Nparker]

It also goes into a fund, doesn’t it?...

...The Strata Property regulations require that the CRF [Contingency Reserve Fund) must have a minimum level of funding equivalent to 25% of the annual operating fund...in order to have funds on hand to pay for longer term repair, replacement and maintenance costs. If the amount in the CRF is less than 25% of the total annual budgeted contribution to the operating fund for the fiscal year that just ended, then the minimum contribution to the CRF must be at least 10% of the total contribution to the operating fund for the current year until the 25% minimum is reached...

https://www2.gov.bc....eserve-fund-crf

[tjv]

Building insurance? Management, etc., etc.

 

Yearly building insurance on a SFH is north of $1k per year versus being built into your strata fees.

 

Obviously, there is some weight in strata fees, but there is value there too.

So you are saying if the strata pays for insurance that tenants don't have to, that their contents are covered if they personally start a fire, or say they are robbed?

 

and as per Mike's comment, yes the roof will have to likely be replaced, but that's not for 40 years.  On my roof which was 13k thats like $27 per month, but my roof is huge compared to a small townhouse or condo unit and I would guess theirs is like $6 a month

 

We are all somewhat guessing here, does anyone have an actual spreadsheet of a typical calculation?

[Nparker]

So you are saying if the strata pays for insurance that tenants don't have to, that their contents are covered if they personally start a fire, or say they are robbed?..

No. Strata insurance only covers the common property.

...The strata corporation’s property insurance is for common property, common assets, buildings shown on the strata plan and fixtures built or installed on a strata lot if built or installed by the owner developer as part of the original construction of the strata lot. Property insurance must be for full replacement value and insure against major perils as listed in the regulation: “the perils of fire, lightning, smoke, windstorm, hail, explosion, water escape, strikes, riots or civil commotion, impact by aircraft and vehicles, vandalism and malicious acts".Liability insurance must be for a minimum of $2 million...

https://www2.gov.bc....rance/insurance

Owners/tenants are responsible for their own contents and personal liability insurance. 

[Nparker]

... does anyone have an actual spreadsheet of a typical calculation?

Sample strata insurance policy

[Kapten Kapsell]

HERE.

For clarity, the Bowker Creek estates project I referenced earlier is in Victoria (not Oak Bay); it’s on Shelbourne south of Hillside/Lawnsdowne.

Mike K is correct: strata fees are assessed per square foot as per the strata act. However, if you can find a “free standing” townhouse complex designed a certain way, you can definitely save on strata fees because there are lower overall costs for the strata. Terre Verde is a townhouse-only complex on Richardson Street, but costs associated with landscaping and a large underground parka due push monthly fees to around $400 per unit. The homes at Bowker Creek Estates have their own individual garages (at grade), no intercom system, and minimal common area landscaping, which translates into lower strata fees for everyone.

[Kapten Kapsell]

Also, the Linq townhouse complex in James Bay (completed in 2017, 5 units in total) has fees of around $200 -$230 monthly per unit (unit sizes are approximately 1600-1900 square feet). Again: no intercoms, no underground parade, no elevators, no generators etc...

[tjv]

Thanks NParker, but I was actually meaning a spreadsheet of how someone arrives at the monthly strata free.  For example...

 

Landscaping         $18.23

Insurance              $12.34

Window washing   $7.94

Snow removal       $3.75

Management         $9.23

etc

TOTAL                    $xxx.xx per sf

[Nparker]

Thanks NParker, but I was actually meaning a spreadsheet of how someone arrives at the monthly strata free. ..

Although I hesitate to drag this thread off course, here's an annual strata budget sample

Divide $162,170 by 12 and then portion that figure out based on unit entitlement and you have the individual monthly strata assessments.

[MarkoJ]

Also, the Linq townhouse complex in James Bay (completed in 2017, 5 units in total) has fees of around $200 -$230 monthly per unit (unit sizes are approximately 1600-1900 square feet). Again: no intercoms, no underground parade, no elevators, no generators etc...

 

Once you get below 10 units you save another $40 per month as <10 is typically self-managed.

[tjv]

Thanks for clarifying the strata fees, they seem reasonable.  Probably should get back to the Railyards discussion thou

[jonny]

True, but I couldn't possibly see spending that type of money or more in maintenance costs for a new project. I look at the website for Bowker Creek and ask what is there to spend money on? Snow clearing the driveway in the winter, ok fine once or twice per year, but what else

Biggest expenses will be insurance and water/sewer.

[thundergun]

Much of the foundation is in place and they're currently to framing the additional skyhomes closest to Horizon Phase I. 

[thundergun]

Foundation/parkade is mostly complete and they are well underway framing the first floor.

Updated picture/view (looking North from the Bay St Bridge) at the bottom of this webpage - http://therailyards.ca/horizonII.html

[MarkoJ]

Photos from Dec 15th

Attached Images

• 
• 
• 

[Kapten Kapsell]

The developer appears to have reduced the asking price of the unsold townhouses (sky homes) from Horizon Phase 1... current price is down to $695k.  From the MLS listing:  "WINTER SALES PRICING IN EFFECT!"

[MarkoJ]

Photos from Jan 12th

Attached Images

• 
• 
• 

[FirstTimeHomeCrier]

The developer appears to have reduced the asking price of the unsold townhouses (sky homes) from Horizon Phase 1... current price is down to $695k.  From the MLS listing:  "WINTER SALES PRICING IN EFFECT!"

 

I'm not surprised. You can get an older single family home with a yard in Burnside or Esquimalt for less than $700k. I think most people who can afford $700k+ for a home will choose the benefits of a single family home (yard, more space, no sharing walls, no strata) over the benefits of a brand new townhouse (shiny new features and low maintenance).

[Mike K.]

I can see how one’s impression might be that such would be the case, but the likelihood of a serious buyer in the market for a $700k townhome deciding to purchase a 1950’s/60’s/70’s fixer upper along Burnside is extremely low.

If anything, they “may” opt for a new-build two-bedroom plus den condo, but that would be the extent of their deviation from plan A.

[FirstTimeHomeCrier]

What I'm saying is that I don't think there are very many people in the market for a $700k townhome.

[Mike K.]

You can't use the situation at The Railyards as a barometer for sales of townhomes in the urban core. There's a huge market for that style of living and it commands even higher prices than at the Railyards, but when townhomes share an underground parking garage and outdoor communal spaces with a condominium complex the strata fees will undoubtedly be higher than at projects without similar amenities or parking situations.

 

The townhomes at the Promontory condo tower were also the last to sell, I think. It just takes a bit of time.