In Strata Property Ownership, Unit Entitlement indicates each Strata Lot's share in the Common Property (grounds, parkade, hallways, etc.), Common Facilities (guest suite, exercise room, bike storage), and other assets of a development. The Unit Entitlement is used to determine the proportionate contribution for each Strata Lot to the expenses of the Strata Corporation ( all the owners = 'Strata Corporation'). The calculation of the Unit Entitlement figure as determined by a BC Land Surveyor, is based on the "habitable area" of the Strata Lot, expressed in square meters, rounded to the nearest whole number. The habitable area means the area of a residential strata lot, which can be lived in, but does not include patios, balconies, agarages, parking stalls, mechanical rooms or storage lockers. As a very simple example, if there are ten strata lots in a development, and they are all identical in size, then each owner would have 10% share in the common property, common facilities and other assets of the Strata Corporation, and therefore each would pay 10% of the expenses for these per year.
Posted in: Common Property , habitable area , Maintenance Fees , Strata , Strata Lot , Unit Entitlement