Frequently Asked Questions

1. Why are there only 20 units available for sale when the building is 105 units? The building was constructed in 1977 and sold as strata units many years ago. GPI Ventures (Stadacona) Inc. was able to secure the purchase of 20 units through a wholesale purchase with one owner.
2. How many units are in the entire project? 105 residential units, with the majority being owner-occupier. There is 1 commercial strata lot, representing the entire first floor of the building and all commercial tenancies.
3. Who is the developer of Stadacona Centre? The original developer has long since sold their interest in Stadacona Centre. GPI Ventures (Stadacona) Inc. is the “developer” as defined by BC law.
4. Given the jump in rents of the units after year one, will you be able to achieve those rents stated on your worksheets? The rents shown on the worksheets are based on a conservative estimate of actual rents being achieved currently in Victoria. There is substantial demand and limited supply of quality rentals in this part of Victoria at this time.
5. When will the Strata Corporation be set-up? The strata corporation has been operating for many years, and each Purchaser has the opportunity to stand for election to Strata Council at the next AGM.
6. Will there be professional management services available? Each investor has the option of having their unit professionally managed by a GPI Ventures (Stadacona) Inc. recommended property manager, or on their own with a manager of their choosing.
7. What would the property manager be responsible for? In this situation, the property manager will be responsible for collection of rents, disbursements to investors, dealing with tenants, advertising, rent-up, in-suite repairs, coordinating and reporting to investors.
8. Who is the GPI Ventures (Stadacona) Inc. recommended property manager? Randall North Real Estate Services Inc. has been chosen to be the recommended property manager for the twenty units available for sale at Stadacona Centre. There is a bio on Randall North available in the sales documents section of the website
9. Who will manage the condominium corporation? The condominium corporation is being managed by Gibraltar Management Ltd.
10. Why are there two strata fees for this project? Several years ago, the owner of the commercial strata lot challenged the apportioning and allocation of fees of the common area within the property. As there is a large portion of space unutilised by commercial tenants, i.e. swimming pool, games room, lockers, etc., the commercial owner had the strata corporation’s allocations revised through a landmark court decision, to provide a fairer way to allocate expenses. As such, three strata budgets and bylaws exist – residential, commercial and common area. As the commercial owner is one strata lot, that budget is solely for the one commercial unit. The other two portions, residential and common area, are portioned based on unit entitlement.Currently, the commercial owners pay 21.77% of the common area fees.
11. Have all of the suites been renovated, and if not, how will that be handled by GPI? The units are in similar state of repair, having had renovations periodically over the past several years. GPI has allocated a small budget for each unit to be utilised on tenant turnover for paint, cabinetry and flooring upgrades.
12. Will investor owners have parking stalls assigned to them upon closing? Yes, one common area underground parking stall has been assigned to each strata lot, but remain the property of the strata corporation.
13. When can I expect to see my rent money come in every month? If you choose to use the recommended professional manager, GPI Ventures (Stadacona) Inc. has negotiated with Randall North to have funds placed into investor accounts on approximately the 25th of each month after the closing of your unit.
14. The worksheets show a 75% LTV, will 25% be the required down payment? This is for illustration purposes only. There are many financial options available to you, and we encourage you to explore them with our approved mortgage brokers to find out which option is best suited to you.
15. How are the management fees calculated? And what do they cover? There are two components to the management fees:
    1. The payment to the property manager to oversee the rental of each unit.
    2. The advertising, leasing, repair and maintenance fees cover the cost of the remaining costs associated with the rental of your unit, including insurance coverage of the units for third-party liability and rental interruption.
16. Is replacement / fire insurance for my unit included in the strata budget? Yes, the strata corporation budget includes replacement / fire insurance among other benefits.
17. Will there be a renter in place when I close on my unit? Yes, as these units have been rented for some time, there is a good likelihood your unit would be occupied on closing. As such, you would be entitled to the rent and all other benefits of the tenancy as the new landlord after closing.
18. What if I want to or have a family member occupy the unit I buy? Each unit’s tenancy agreement has differing dates of lease expiry. When the lease expires, the tenant must vacate the unit. Should you or a family member wish occupy the unit, you must wait for the lease expiry, or in the case of a month-to-month tenancy agreement, give the tenant adequate notice to vacate as legislated. There may be a fee required to be paid to the tenant to leave the premises.