Key Findings
Contingency Fund Below Recommended Level
The Contingency Reserve Fund (CRF) balance is $487,200, representing approximately 67% of the recommended minimum. BC Strata Property Act guidelines suggest maintaining at least 25% of annual operating budget, but the depreciation report indicates the fund should be at $726,000 for adequate coverage of near-term capital expenditures.
Source: Depreciation Report 2022, Section 4.2 — CRF Analysis
Unresolved Balcony Waterproofing Dispute
A contractor dispute regarding balcony waterproofing repairs (Levels 7–11) has been ongoing since February 2026. The council has withheld final payment of $84,000 pending resolution. Legal counsel has been retained. This introduces financial uncertainty and potential special assessment risk.
Source: AGM Minutes Nov 2025, Special Meeting Feb 2026
Strata Fee Increases for 3 Consecutive Years
Strata fees have increased each year since 2023: 4.2% (2023), 5.1% (2024), 3.5% (2025). While within normal range individually, the cumulative increase of 13.3% over three years may signal rising operational costs. The 2026/27 budget proposes an additional 3.5% increase.
Source: AGM Minutes 2023, 2024, 2025
Elevator Maintenance Contract Due for Renewal
The elevator maintenance contract for 3 passenger elevators expires August 2026. The depreciation report flags elevator components as approaching mid-life servicing (20-year cycle). New contract quotes have not yet been presented to council as of the last meeting.
Source: Depreciation Report 2022, Section 6.4
No Active or Pending Litigation
Strata council confirmed in the Nov 2025 AGM that there is no outstanding litigation against the corporation, aside from the retained counsel for the balcony contractor dispute (administrative, not a lawsuit).
2026/27 Operating Budget Approved
The annual operating budget of $1,245,000 was approved with a quorum at the November 2025 AGM. Budget allocation is consistent with prior years, with increases only in insurance premiums and utilities.
Adequate Building Insurance Coverage
Building insurance coverage of $62,000,000 is in place through April 2027, with earthquake endorsement. The per-unit deductible is $50,000 — standard for BC Metro properties of this era.
Bylaws Updated Within Last 3 Years
Bylaws were last comprehensively reviewed and filed with the Land Title Office in 2023. Pet restrictions, rental allowance cap, and short-term rental prohibition were clarified and are enforceable.
Financial Summary
Contingency Reserve Fund
$487,200
67% of recommended minimum
Monthly Strata Fee
$412.50
Per standard 1-bedroom unit
Annual Operating Budget
$1,245,000
Approved Nov 2025 AGM
Last Special Levy
$1,200
Per unit · Roof repairs 2023
Operating Fund Balance
$156,800
As of Dec 31, 2025
Fee Change (YoY)
+3.5%
3rd consecutive year of increase
Meeting Minutes Analysis
2025 AGM — Budget & Annual Review
2026/27 operating budget of $1,245,000 approved (quorum met — 81 of 117 units)
Strata fee increase of 3.5% approved effective Jan 1, 2026
Council re-elected: 5 returning members, 2 new
No special levies proposed for 2026
Balcony Waterproofing Contractor Dispute
Contractor dispute on Levels 7–11 balcony repairs — $84,000 withheld pending resolution
Legal counsel retained — dispute expected to resolve Q3 2026
No impact on operating fund or strata fees at this time
2024 AGM — Special Levy History
Special levy of $1,200/unit approved for roof membrane replacement
Roof work completed on schedule, on budget — certificate issued May 2025
Bylaws & Rules
Pets
Maximum 2 pets per unit. Dogs must be under 22kg. Written council approval required for dogs over 22kg. No exotic animals.
Rentals
Long-term rentals permitted (minimum 3 months). Rental cap: maximum 15% of units (18 units). Currently 12 units rented — 3 slots remain. Short-term rentals (Airbnb etc.) are prohibited.
Renovations
Minor renovations within the unit are permitted without council approval. Structural changes, plumbing or electrical modifications, and changes to common property require council approval and permits.
Smoking
Smoking and vaping are prohibited in all common areas, on balconies, and within 6 metres of any building entrance. Designated smoking area is in the northwest corner of parking level P1.
Parking & Storage
Each unit is assigned 1 parking stall and 1 storage locker. Additional stalls may be leased from strata for $120/month subject to availability (currently 4 available). No commercial vehicles over 3,500kg.
Insurance
Building Coverage
$62,000,000
Replacement cost basis
Policy Renewal
April 2027
10 months remaining
Standard Deductible
$50,000
Per unit, per claim (owner liability)
Earthquake Coverage
Included
$250,000 EQ deductible
Water Damage Deductible
$25,000
Per water ingress claim
Liability Coverage
$5,000,000
Third-party claims
Property Details
| Strata Plan | BCS0000 |
| Address | 123 W 100th St, North Vancouver BC V7M 2N3 |
| Year Built | 2005 |
| Building Age | 21 years |
| Floors | 13 above grade, 2 parking levels (P1, P2) |
| Total Units | 117 residential strata lots |
| Unit Types | Studios (18), 1BR (54), 2BR (36), 3BR (9) |
| Construction | Concrete frame, curtain wall glazing |
| Roof Type | TPO membrane (replaced 2023) |
| Elevators | 3 passenger elevators (Otis, 2005) |
| Parking | 134 stalls across P1 & P2 |
| Amenities | Gym (Level 2), Party room (Level 2), Rooftop deck (Level 13) |
| Depreciation Report | Completed 2022 — next due 2027 |
| Strata Manager | Pacific First Strata Management Ltd. |
Source Documents Analysed
Depreciation Report — Park Residences 2022
Analysed
AGM Minutes — November 14, 2025
Analysed