AIRSPACE / CONDOS
Are You Living In A Residence Above A Business?
The Long War Between Strata Corporations
Have you heard the following myths about First Nations lease lands?
- The band blockades roads
- Rent is jacked up without notice
- The certificate holder (generally an individual band member) took back the land without notice
None are true. First Nations lease agreements work just like regular leases – there’s a contract that’s signed and followed between all parties involved with the lease.
RESIDENTIAL STRATAS
- These are buildings/properties that are separated into individual lots and used as residences
- Share walls and/or common property
THE FOLLOWING ARE RESIDENTIAL
- Apartments/Condos (yes, even airspace condos!)
- Townhouses
- Detached houses (also known as bare-land strata)
15,000+
STRATA UNITS MANAGED
25+
YEARS IN BUSINESS
800+
RENTALS MANAGED
How 1 Property Manager Can Avoid These 3 Common Airspace Problems
An airspace condo is a residence above a business.
Several property management companies can be involved in a multi-stratified (gulp, what a mouthful) development, which creates complex dynamics. There can be a different manager for:
- The residential strata
- The commercial strata
- Any rental properties within the residential strata
The more people involved, the more chaotic it gets.
3 problems that can arise with multiple property management companies:
- Difficult schedules (everyone can’t get together to resolve issues)
- Biased opinions during conflicts (commercial manager doesn’t care about the residential strata and vice versa)
- Confusing operating budgets
Having 1 property management company for both means:
Quick strata decisions
Your manager knows all they need to know about both corporations because they’re in charge of both.
Speedy resolution
Conflicts are resolved faster than if several companies were involved (no biases).
Easy communication
Scheduling is simple, as there’s only 1 manager.
What Do Your Airspace Strata Fees Cover
(PS. It’s More Complicated Than You’d Think)
Because there are two (or more) strata corporations in one building, multiple budgets need to be crafted.
| Strata Corp #1 | Maintenance Budget #1 | Operating Budget (shared) |
| Strata Corp #2 | Maintenance Budget #2 |
Both corporations have a shared “operating budget”. This is to cover maintenance on common areas that both stratas share, such as:
- Exterior painting
- Landscaping
- Snow removal
- Parking lot repairs
The commercial strata corporation’s job is to create the budget. All the residential strata corporation needs to do is pay their share – which is divvied up into the strata fees.
Both corporations also have a second budget that covers their independent maintenance needs, such as:
- Interior painting
- Elevator repair
- Sewage
What To Know Before You Move Into Your Airspace Condo
You’re aware that there are 2 separate strata corporations, and that they might be managed by 2 different property management companies.
What else should you be prepared for?
- A busy community – people are everywhere – on top of having neighbors, you also have to deal with clientele for the businesses you live above.
- Complex strata fees – though almost the same as regular strata fees, there will be more than one budget factored into the fees:
- The operating budget, as decided by the commercial corporation
- The regular residential budget, as decided by your strata council
Contact Information
Homelife Advantage Realty Ltd.
Chilliwack Office:
Chilliwack, BC
V2P 4N8
Phone: 604-858-7368
Toll-free: 1-877-858-7368
Fax: 604-858-7380