A notice arrives from your strata. There’s major work to complete, and your share is more than you have sitting in your savings account.

It’s an uncomfortable surprise. But before you put the amount on a credit card or assume you need to refinance, take a breath and look at the details.

A BC strata special levy may be funded through savings, an existing HELOC, or approved new borrowing. The right approach depends on the payment deadline, available equity, qualification, and the total cost of each option.

Start With the Actual Levy Documents

Before discussing financing, gather:

• The approved special levy resolution.
• Your strata lot’s allocated amount.
• Payment dates and any instalment schedule.
• Details of the work being funded.
• Relevant meeting minutes and supporting reports.

If you’re buying a condo, the Form B information certificate is an important part of the document review. BC’s guidance also identifies the most recent depreciation report, if any, among its required attachments.

Ask your real estate professional and lawyer or notary to clarify contractual responsibility for a levy during a purchase. Don’t rely on a verbal understanding.

Option 1: Use Savings Without Emptying Your Safety Net

Paying from savings avoids new borrowing costs.

But ask what you’ll have left afterward. If paying the levy leaves you unable to manage your mortgage, regular strata fees, or an unexpected repair, a combination of savings and financing may deserve a closer look.

The goal is to solve the levy without creating a new cash-flow problem.

Option 2: Review an Existing HELOC

If you already have a home equity line of credit, check the available credit, current rate, and repayment terms.

Most HELOCs have variable rates, so the cost can change. Access to credit also needs to come with a realistic repayment plan.

For example, if you borrow $20,000, decide how much principal you can repay each month. Simply covering interest leaves the original debt outstanding.

Option 3: Explore Refinancing

Refinancing may be worth considering when the amount is substantial or you’re already approaching renewal.

However, available equity alone does not establish approval. The lender needs to assess your finances and property. There may also be appraisal, legal, title-related, and other borrowing costs.

Ask for the total cost, including any penalty for changing your existing mortgage early.

A Simple Comparison to Request

If your levy is $25,000, compare each option using the same questions:

• How much cash is required upfront?
• What is the monthly payment?
• When will the debt be repaid?
• What fees apply?
• What happens if interest rates rise?

The smallest monthly payment may involve carrying the debt much longer.

Frequently Asked Questions

Can the levy automatically be added to my mortgage?

No. Increasing your mortgage requires lender approval.

Does a special levy mean I should avoid a condo purchase?

It requires investigation. Understand the work, funding, documents, and financing implications before deciding.



Let’s Review Your Options Before the Deadline

If you’ve received a special levy notice, connect early. I’d be happy to review the financing side and help you understand what may work for your situation.