What is your strata fee?

[daddyrobyn]

I live in a 964 square foot 2 bedroom 2 bath condo worth $340,000. The monthly strata fee is $305/month going up to $348/month Building is 11 years old, very well built, no amenities with no problems just high strata. I put it up for sale yesterday.
How much is your strata (if any)?
Robyn

 

[yg17]

Maybe I'm dumb, but what the hell is a strata fee?

It's not on Wikipedia, and if it's not on Wikipedia, it doesn't exist

 

[bbbensen]

Maybe I'm dumb, but what the hell is a strata fee?

It's not on Wikipedia, and if it's not on Wikipedia, it doesn't exist

I haven't heard of that either. Maybe we are just stupid...

 

[CanadaRAM]

A strata title building is a multi-suite building or multi-residence complex, where all the units are owned by the individual owners. There are shared costs for common area expenses and building maintenance & repairs, which are paid for out of a common pool of money, funded by the stata fees.

The monthly fees from each owner are collected, usually in proportion of the square footage of the units, and the expenditures are administered by the strata council -- elected from the group of owners.

Your strata council would be providing the budget for the year, with a breakdown of costs. These are ongoing costs (hallway cleaning, lights, security, insurance) and contingency funds accumulated for large expenses, like re-roofing, snow clearing or parking lot paving. The strata council is obligated to report the minutes of the meetings, the resolutions taken by the council, and the detailed breakdown of the expenses and the allocation of the strata funds.

 

[WildCowboy]

So for Americans, it's like HOA fees on a condo.