What’s Up with Parking Stalls and Storage Lockers?

The value of a parking stall in Vancouver is between $25,000-$50,000. Storage lockers can range from $5,000-$15,000+ depending on their size. A substantial amount of money, so it’s key to verify all advertised information, fully understand what you’re paying for and what could change over the course of ownership. Here are 5 essential check points to review before buying a condo with a parking stall and/or storage locker. Remember that when in doubt, or if the allocation is not clear - always have your lawyer confirm the information before subject removal.

1) Review Form B

“Form B” is a disclosure document generated by the property management company or strata representative (if self-managed). This form will state if there are parking stalls and storage lockers associated with the strata lot you are potentially purchasing, along with their number eg.) parking stall number 3, storage locker number 7.

In addition, it will state the designation(s) as either: 

• Part of the strata lot (common in old developments)

• A separate strata lot (very rare, now prohibited)

• Limited common property

• Common property

If the stall/locker is common property it may be either:

• Allocated with strata council approval (highest risk for buyers)

• Allocated with strata council approval and rented at “X” amount per month (not owned)

• Allocated by owner developer assignment (assigned by the developer)

2) Check the Strata Plan

The strata plan will show drawings of the parking area with notations on property designation. CP = common property. LCP = limited common property. SL followed by a number = part of a strata lot or a separate lot. Reference the notations with the legend on each plan. Please see examples below for what these will look like on a typical strata plan.

Legend to strata plan

Limited common property (LCP) parking

Common property (CP) parking

3) Compare All Documents

Cross reference the Strata Plan, Form B, Property Disclosure Statement and MLS Listing to ensure the information recorded is accurate be across documents. If corrections need to be made, ask for a revised PDS or Form B before subject removal. See below for an example of parking/storage info on Form B.

Form B - Sample

4) Understand the Differences Between LCP & CP

“Limited Common Property” or LCP is a strong designation for a parking stall or storage locker. It cannot be re-allocated or moved unless there is an unanimous owners vote to change the developers designation or a 3/4 vote to change the strata designation. Overall, this is rare. The strata council does not have any means to re-allocate an LCP stall/locker. Therefore, what you purchase is most likely going to be yours for years to come. 

“Common Property” or CP is not as secure. Say for example, you have a long truck that does not properly fit into your designated stall. The strata council could choose to re-allocate you to a different stall. Similarly, the scenario could be your stall is an accessible stall and a new owner who is entitled to parking requires an accessible stall. 

With common property, the strata council has the ability (as outlined in their individual bylaws) to swap stalls with another. This can cause problems, however it is in the strata’s best interest not to upset owners and should make sure both owners are happy with the reallocations before making it official. It’s easy to get an idea of the temperature of the strata council by reading through the strata minutes, AGM’s & SGM’s. Given all the variables at play with common property designation, it is best practice to confirm CP stall availability and designation with the property management company, your agent and lawyer. 

5) Read the Bylaws 

A strata’s bylaws outline how they deal with parking and common property. If the strata has common property parking it should outline how the parking is handled as such. 

*Written as of May 18, 2022. All information provided is deemed reliable, but is not guaranteed and should be independently verified.*