Gerald Chan Realtor

Gerald Chan Realtor Residential | Commercial | Property Sales and Rental with 1NE Collective Realty Inc.

01/17/2026

A common question I get from homeowners in Richmond and Vancouver is: “Doesn’t a low BC Assessment negatively impact the perceived value of my home when I sell?”
The short answer is: NO.
Here is the breakdown for well-informed sellers:
1. BC Assessment: This is a retrospective value used strictly for property taxes. It is based on data from last July (a lagging indicator).
2. Market Value: This is the price a buyer is willing to pay TODAY. It is driven by current supply, demand, and the unique condition of your home right now.
The taxman decides your taxes. The market decides your price.
Viva, La Casa — ciao for now.
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01/07/2026

Has your 2026 BC Assessment notice landed in your mailbox yet? 📬
There is a common misconception that this number represents the specific market value of your home today. It is important to clarify what this document actually is:
1. It is for Taxes, Not Sales: The assessment is a broad estimate used primarily to calculate your property taxes for the coming year. It is not an individual appraisal of your home's unique features.
2. It is Outdated Data: The value listed is a snapshot from July 1, 2025. Since that date was 6 months ago, the assessment does not account for any market shifts that have occurred since then.
If you are looking at your notice and thinking the number doesn't align with current Richmond or Metro Vancouver prices, you are likely right.
Watch this video for the full breakdown. In Part 2, I will discuss the specific reasons you might consider appealing your assessment.
Viva, La Casa.
Ciao for now.

12/28/2025

Do you view your Strata Fee as "lost money"? You shouldn't. 👇
Many owners (and buyers) mistake Strata Fees for a "tax" or "rent." But legally, this is incorrect.
In this video, we break down exactly what a Strata Fee is: It is your proportionate contribution to the Common Property that you own together with your neighbors as "Tenants in Common."
Where does the money go?
Your fee typically funds three critical buckets:
1️⃣ Daily Maintenance: Landscaping, cleaning, and waste removal.
2️⃣ Building Insurance: The master policy protecting the structure.
3️⃣ The Contingency Reserve Fund (CRF): A mandatory savings account for major future repairs (like roofs or piping).
Why does this matter?
A well-funded strata isn't an expense; it is an asset. It prevents massive "Special Levies" down the road and protects your property value.
Frequently Asked Questions (FAQs)
Q: How is my specific fee calculated?
A: Fees are based on Unit Entitlement. Generally, this is the habitable size of your unit relative to the total size of the building. Larger units pay a larger share because they own a larger "piece" of the common property.
Q: Does a low strata fee mean a good deal?
A: Not necessarily. If a fee is too low, the building may not be saving enough in the Contingency Reserve Fund. This often leads to large, unexpected bills (Special Levies) later on for major repairs.
Q: Who controls the money?
A: The money belongs to the Strata Corporation (which is made up of all owners). It is managed by your elected Strata Council and often a Property Management company, but the funds must be spent according to the Strata Property Act.
Watch the full video to learn more about protecting your investment.
As always, thank you for watching Viva, La Casa and ciao for now!

12/23/2025

We see this debate all the time in Richmond and Vancouver. One neighbor says "It's my private property, I can smoke if I want!" The other says "Your smoke is entering my unit!"
Who wins in BC Courts? I broke down the latest rulings in this video.

✅ Yes, Stratas CAN ban smoking inside private units (Supreme Court case Aradi).
❌ No, there is no automatic legal right to be "grandfathered" in.
⚠️ Warning: Even without a ban, smoke entering a neighbor's unit is considered a "Nuisance" by the Civil Resolution Tribunal.
If you are dealing with second-hand smoke—or if you are a smoker worried about your rights—you need to know these rules.
Watch the full breakdown to see how the "Nuisance Bylaw" might be the loophole you didn't know about.
👇 Question for the group: Does your building ban smoking entirely, or do they still allow it in units? Let me know in the comments!

12/03/2025

What is happening with Phase 2 of the Richmond Centre Redevelopment?



Summary:
As Phase 1 of the CF Richmond Centre redevelopment nears completion, attention turns to Phase 2. This update covers the demolition of the parkade and the introduction of a new, walkable neighbourhood design along No. 3 Road in Richmond, BC. Unlike high-density "concrete jungles," this phase focuses on interconnected podiums and mid-rise living.
Key Facts regarding Richmond Centre Phase 2:
• Location: The current parkade site and along No. 3 Road.
• Building Height: 5 buildings capped at 14 storeys.
• Design: Interconnected podiums creating a "quaint" neighbourhood feel.
• Unit Breakdown: 700 units for sale, 570 market rentals, and 44 affordable rental units (likely along No. 3 Road).
• Timeline: Construction is projected to begin late 2026 or early 2027.
If you are looking for Richmond BC real estate updates or pre-sale information, this video breaks down exactly what to expect next at the mall.
Stay Connected:
If you found this video interesting, please comment and share!
Viva, La Casa and Ciao for now.

11/29/2025

Q: Are landlords liable if a tenant runs an Airbnb in Richmond, BC?
A: Yes. Under Richmond Bylaw 8500, a landlord is liable for "suffering or permitting" a short-term rental violation. Ignorance is not a valid legal defense. If a tenant rents the unit for less than 90 days, both the City and the Strata can impose fines on the owner.
Key Facts regarding Bylaw 8500 and Short-Term Rentals (STR):
• The Cost: Fines typically start at $1,000 per day, per infraction.
• The "Advertising" Rule: You do not need a guest to check in to be fined. The mere act of advertising a unit on platforms like Airbnb or VRBO is sufficient evidence for the City to levy a fine against the owner.
• The Liability: Section 1.10.3 states that failing to stop a violation constitutes "permitting" it.
How to Protect Your Investment:
1. Conduct regular unit inspections.
2. Monitor STR platforms for your address.
3. Include specific clauses in your tenancy agreement prohibiting STRs and advertising.

11/27/2025

The landscape of Richmond City Centre is changing. The indoor mall at Lansdowne is being replaced by a new, open-air city center. Here is the breakdown of Phase 1 (Northeast Corner):
• Parcel 2: A 14-storey tower with ~400 condos and 7,000 sq. ft. of retail.
• Parcel 5: A 13-storey residential tower with ~363 market condos.
• Parcel 8: A 6-storey wood-frame building with ~300 rental homes (50% market, 50% affordable).
The new plan replaces the mall structure with street-level shops, restaurants, and 10 acres of integrated park space.
📅 Timeline: Phase 1 Construction starts 2026 | Completion 2030

11/22/2025

Is the Strata "savings account" actually empty? Here is how to spot the financial red flags before you buy.
In this episode we define exactly what a Contingency Reserve Fund (CRF) is and why checking the balance isn't enough. A Strata Corporation might be following the letter of the law (contributing the minimum 10%) while still facing financial ruin.
I am breaking down the 4 Major Red Flags that indicate a Strata is high-risk, from low balances relative to the Depreciation Report to the "Silent Killer"—a Strata Council that refuses to communicate.
In this video, we cover:
• What is a CRF? The difference between Operating vs. Contingency funds.
• The 10% Rule: Why the legal minimum is often misleading.
• Red Flag #1: The danger gap between the CRF and the Depreciation Report.
• Red Flag #2: Why history of Special Levies suggests a broken budget.
• Red Flag #3: High Insurance Deductibles (and what they mean for risk).
• Red Flag #4: The Silent Council.
💡 Thinking of buying a Condo or Strata property?
Make sure you read the AGM and Council meeting minutes and the financials! If you have questions about Strata documents or the market in Richmond and Metro Vancouver, drop a comment below.

Call Gerald 778-318-5272 ❤️to help!

11/21/2025

Is the Strata "savings account" actually empty? Here is how to spot the financial red flags before you buy.
In this episode of we define exactly what a Contingency Reserve Fund (CRF) is and why checking the balance isn't enough. A Strata Corporation might be following the letter of the law (contributing the minimum 10%) while still facing financial ruin.
I am breaking down the 4 Major Red Flags that indicate a Strata is high-risk, from low balances relative to the Depreciation Report to the "Silent Killer"—a Strata Council that refuses to communicate.
In this video, we cover:
• What is a CRF? The difference between Operating vs. Contingency funds.
• The 10% Rule: Why the legal minimum is often misleading.
• Red Flag #1: The danger gap between the CRF and the Depreciation Report.
• Red Flag #2: Why history of Special Levies suggests a broken budget.
• Red Flag #3: High Insurance Deductibles (and what they mean for risk).
• Red Flag #4: The Silent Council.
💡 Thinking of buying a Condo or Strata property?
Make sure you read the AGM and Council meeting minutes and the financials! If you have questions about Strata documents or the market in Richmond and Metro Vancouver, drop a comment below.


Call Gerald 778-318-5272 - ❤️ to help you!

11/21/2025

When reviewing a Strata Depreciation Report, there are three main ways a corporation can plan for future expenses:
1. The Special Levy Model (Pay-As-You-Go)
• How it works: Strata fees are kept artificially low.
• The Risk: When a major repair (like a roof) hits and the Contingency Reserve Fund (CRF) is low, every owner must pay a large lump sum (Special Levy) immediately. High financial risk.
2. The Fully Funded Model
• How it works: Monthly strata fees are set significantly higher.
• The Benefit: The aim is to have enough in the Reserve Fund to cover repairs without asking for extra money later. Predictable costs, but higher monthly bills.
3. The Progressive (Hybrid) Model
• How it works: The middle ground. Fees increase annually (steady increments) to account for inflation and aging building components.
• The Goal: Smooth out the financial curve to avoid massive special levies while keeping monthly fees manageable.

Which model does your strata use? Let me know in the comments! 👇

Thanks for watching Viva La Casa! Ciao for now.

11/19/2025

For years, the “See no Evil Approach” was common—owners voted to defer reports to keep fees low and avoid bad news. But that era is over.
Here are the 3 realities behind the new mandate:
1️⃣ Fear of the Unknown: Owners feared immediate fee hikes, not realizing that a “Hybrid Model” could smooth out costs.
2️⃣ The Red Flag Myth: The belief that transparency hurts resale value (it doesn’t—surprises do).
3️⃣ The Correction: The Province stepped in to protect buyers from “surprise levies” and ensure buildings don’t fall into disrepair.
Now that the data is mandatory, the question isn’t “if” we fix it, but “how” we fund it.
👇 Does your building have a funded plan, or are you catching up? Let me know in the comments.

11/14/2025

The 2025 Brighouse South condo market was a true rollercoaster! 🎢 We break down the volatile year in this quick report, from a red-hot seller's market to a steep buyer's market dip, and the recent rebound.
In this video, we cover:
• How the 2025 market started, corrected, and rebounded.
• Key stats: Sales-to-Active Ratio (SAR), HPI Benchmark Price, and Days on Market (DOM).
• The impact of the Bank of Canada's interest rate cuts.
• Real examples of what ~$626,000 buys you in Brighouse South.
Did you know this Richmond neighbourhood is home to the first McDonald's in Canada? It's also home to a dynamic real estate market.
If you have questions about what this data means for your specific real estate goals, I'm here to help.
📲 Send a text: 778-318-5272
Thanks for watching Viva, La Casa!

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