Summary
Park Residences, built in 2005, stands as a well-maintained concrete structure in North Vancouver, reflecting a proactive approach to building management with regular maintenance and repairs, such as waterproofing and caulking. The building's financial health is evident through a robust contingency fund and approved budgets for insurance, maintenance, and utilities. Strategic capital improvements and foresight in infrastructure upgrades, along with comprehensive insurance coverage, further enhance the building's appeal. Bylaws that promote a clean and safe environment, including smoking and pet restrictions, contribute to the quality of living for residents.
However, potential buyers should be aware of the possibility of significant special levies in the near future, which could indicate underlying maintenance issues and impact personal finances. Electrical system upgrades, including the installation of EV charging stations, present additional costs and logistical considerations. Concerns about water ingress in some units raise questions about the building's waterproofing integrity. While fire safety measures are in place, there have been instances of missed inspections and follow-ups on deficiencies. Ongoing legal and civil matters, including bylaw violations and insurance deductibles, may also lead to disputes and additional costs for residents.
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Report Details & Analysis
Highlights
Well-Maintained Building
Regular maintenance and timely repairs, including waterproofing and caulking, indicate proactive building management.
Financial Stability
Healthy contingency fund balance and approved budgets for insurance, maintenance, and utilities demonstrate financial prudence.
Strategic Capital Improvements
Recent capital improvements and planned expenditures show foresight in maintaining and upgrading the building's infrastructure.
Attractive Bylaws
Bylaws that promote a clean and safe environment, such as smoking and pet restrictions, can enhance living conditions.
Good Insurance Coverage
Comprehensive insurance policy with annual appraisals ensures the building is well-protected against potential damages.
Special Levies
Potential for significant special levies in the coming years could indicate costly maintenance issues and impact owner finances.
Electrical System Upgrades
Pending electrical upgrades, including EV charging infrastructure, may lead to additional costs and logistical challenges for owners.
Water Ingress Issues
Reports of water ingress in some units raise concerns about the integrity of waterproofing measures.
Fire Safety Follow-ups
Instances of missed fire equipment inspections and follow-ups on deficiencies suggest room for improvement in fire safety management.
Legal and Civil Matters
Ongoing legal and civil resolutions, such as bylaw violations and insurance deductibles, may lead to disputes and additional costs.
Unit Overview
Form B (Beta)
The following information is extracted from uploaded Form B document(s) and is specific to Strata Lot 1000
Evaluations
Estimated Monthly Rental
$2,760
$2,940
Comparable Rental Units
Confidence Level: HIGH
Updated:
Jan 31, 2025
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Financial
Residential
Joint
Insurance
Budgets
Meeting Minutes
Special Levy
IMPORTANT
A series of special levies are proposed for the strata building, including parkade coating and EV charging infrastructure. Estimated levies over the next 8 years include $234,000 in 2023 for visitor parking coating, $204,000 in 2024 for owner parking coating, $500,000 in 2026 for balcony coatings, and $500,000 in 2032 for garage roof re-waterproofing. The total levy per unit ranges from $9,101.27 to $24,915.98, not accounting for EV infrastructure costs. The EV charging infrastructure proposal has been moved from a Special General Meeting to the AGM in May 2023.
Building Envelope
IMPORTANT
The building envelope has undergone various repairs and maintenance, including townhouse patio repairs, courtyard drain/walkway and stairwell repairs, and new caulking on south elevations, with costs covered by the Contingency Reserve Fund. A feasibility study for air conditioning penetration waterproofing is proposed, and significant future expenses are anticipated for balcony and parking garage repairs, with costs escalating from $103,000 in 2022 to $500,000 by 2032.
Leaks
The building has experienced several water ingress issues, including leaks in a 12th floor unit and a tenth-floor unit, with the latter requiring caulking by Steelhead Contracting. The garage has also been subject to leaks, with a quote received for waterproofing repairs. Additionally, the parkade has undergone waterproofing, with approved repairs for patching, filling ceiling cracks, and lime residue removal in the electrical room, funded by up to $12,000 from the Contingency Reserve Fund. There have been ongoing water ingress concerns reported by the owner of SL 97.
Plumbing
The strata building's plumbing system has had several issues and maintenance activities. Owners have been reminded to check air conditioner drainage to prevent water ingress, with a specific ingress issue reported in unit 312, which may require drain cleaning or patio slab removal. The council has been in discussions with MegaHydronics regarding horizontal drains. Soundproofing was completed around radiant heating pipes in unit 308, and a contract with Hytec System is in place to prevent pinhole leaks in copper piping, set for review in 2024. Pipe noise work was also completed.
Elevators
Richmond Elevator has implemented a price increase as of April 1st, 2023. Additionally, an update to the elevator access control system has been approved.
Insurance
The strata building's insurance policy covers replacement costs, which were valued at $40,907,050 as of April 1, 2022, and increased to $43,800,000 upon renewal on April 1, 2023. An annual appraisal ensures accuracy of the replacement value. The water damage deductible is $50,000. Owners are recommended to have personal insurance for the Strata Corporation's deductible and displacement, including coverage for contents and improvements. The insurance premium rose by 11.3% to $98,484.00 for the 2022-2023 period. Installation of air conditioners does not affect policy conditions, but may limit water ingress claims. A three-year insurance appraisal service engagement has been approved for 2023-2025.
Roof
The strata building's roof has been regularly inspected and maintained by Sample Roofing, with the latest annual review approved on July 25, 2023. Roof Rain Caps were successfully installed by Steelhead as of November 24, 2022, following the completion of all recommended repairs by September 15, 2022. There are no current updates on significant future plans or pending issues that require special attention.
Electrical
IMPORTANT
The strata building is actively working on electrical upgrades, including the installation of EV charging infrastructure with an estimated cost of $290,000 for 117 chargers, which will be the responsibility of the owners. Individual installation and operating costs for EV chargers are estimated between $3,000 to $5,000. A Special General Meeting was planned for fall 2023 to approve these costs and for Air Conditioning units installation. The EV charging project is expected to be completed by June 2024. Additionally, there have been discussions about load studies for electrical system capacity and reimbursement for increased electrical costs for certain owners. A third party is involved in determining reimbursement costs for electrical charges related to the pressurization system/duct heaters.
Security
The strata has completed line painting to delineate parking zones, but issues persist with residents sitting in their vehicles in no parking areas. This indicates a need for ongoing monitoring and possibly the implementation of enforcement measures to ensure compliance with parking regulations.
Legal And Civil Resolution
The strata has been active in enforcing bylaws, with violation letters sent to an owner for security and parking breaches. Alterations for several units have been approved, including a digital lock installation. The strata's bylaws are currently under review, indicating potential changes. It's important for unit owners to ensure their personal insurance policies cover strata deductibles up to the specified limit to avoid out-of-pocket expenses.
Fire Safety
The strata building has an ongoing commitment to fire safety, with regular inspections and repairs conducted by Voltech Fire Protection. Annual fire equipment inspections are completed, with deficiency reports addressed and repairs approved. However, there have been instances where access to units was not provided, leading to follow-up actions. A generator testing log is maintained, and specific repairs, such as the replacement of connection couplings, have been approved. There was one report of smoke infiltration into a unit, which was addressed. All units have been inspected for fire safety equipment except for a few instances of non-compliance, which required notices and follow-ups.
Depreciation & Engineering Reports
Building Envelope
IMPORTANT
The building envelope requires various maintenance and repair activities, including waterproofing, concrete repairs, re-painting, caulking replacement, brickwork, and door replacements. Significant expenditures are projected for tasks such as replacing roof assemblies and repairing exterior walls, with costs ranging from $7,000 to $610,000. These expenses indicate substantial future investments in the building's envelope.
Plumbing
IMPORTANT
The strata building's depreciation report from November 23, 2019, outlines projected plumbing expenditures that include the replacement of various components such as heating hydronic distribution system components, circulation pumps, VFDs, expansion tanks, hot water storage tanks, heat exchangers, and domestic water distribution piping. These replacements are scheduled between 2021 and 2045, with costs estimated between $8,000 and $610,000.
Structural
The structural assessment from the 2019 depreciation report indicates no known structural concerns for the building. It is a concrete-framed structure with reinforced components and no evidence of settlement or structural damage. The interior structures are well-protected from weather, and no major structural repairs are anticipated within the report's term.
Electrical
The building's interior lighting fixtures are currently serviceable and comply with minimum by-law requirements. There are plans to replace the lighting systems, which are included in the allowances for other projects. Additionally, periodic upgrades to the security system and replacements of the enterphone panels are projected, with specific timing to be determined as the replacement year approaches.
Mechanical Systems
The building's heating system is partially managed by Lonsdale Energy Corporation, with owners responsible for their in-suite hydronic baseboard heaters and common areas maintained through operating funds. Major components like circulation pumps, VFDs, and the expansion tank are projected for replacement, while minor pump repairs are covered by operating budgets. The condition of the concealed heating water distribution piping is uncertain without testing, and regular maintenance including chemical water treatment is crucial for system longevity. A chemical pot feeder is included for water treatment.
Mold
The engineering report dated Nov 15, 2014, indicates no mold-related deficiencies in various areas of the building. There was also no need to claim against the 10 Year Common Property Warranty for mold issues.
Fire Safety
IMPORTANT
The strata building's fire safety measures include a projected replacement of the fire alarm control panel and remote annunciator at an estimated cost of $100,000 between 2025-2045. Additionally, there are allowances for periodic suppression system issues set at $8,000 for 2030 and $7,000 for 2037. A significant future expense is the replacement of the emergency generator, automatic transfer switch, and diesel storage tank, projected at $220,000 for 2040.
Bylaws
The bylaws set by the building council are subject to override by federal or provincial laws, such as the updates to BC's strata laws in 2022 (Canada)
Rental Restriction
The strata building prohibits rentals for commercial purposes and short-term accommodations like hotels or B&Bs. Rentals must be for a minimum of 12 months with a written agreement. Owners are required to provide tenants with the bylaws and Form K, which must also be submitted to the strata corporation. Owners must notify the strata of any address changes and leases.
Pet Restriction
The strata building allows up to two pets per residence, either two cats, two dogs, or one of each, with a combined weight limit of 25 kilograms. Pets must be leashed in common areas and controlled by their owner. Additionally, residents may keep a reasonable number of fish, small caged mammals, and up to two caged birds. Pets are not permitted in the exercise room, theatre, or lounge, and cannot relieve themselves on common property, including balconies and patios. Feeding wild animals on the property is also prohibited. The strata council reserves the right to determine what is 'reasonable' in terms of the number of pets.
Barbecue Guidelines
The strata building permits only the use of propane, natural gas, or electric barbecues. These must be positioned at least 24 inches from any exterior walls to prevent heat damage, for which residents will be held liable. There are no indications of future plans to change these restrictions.
Smoking Restriction
The strata building enforces a strict no-smoking policy that applies to all strata lots, common property, and limited common property. This ban includes traditional smoking methods as well as electronic and vaporization devices.
Move In/out Fees & Procedures
The strata building assesses a non-refundable move in charge of $300.00 per strata lot, which also covers the move out fee. If the move does not utilize the main lobby, elevators, or underground parking, the fee is reduced to $100.00. These charges must be paid prior to moving in.
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