⚠️ Buying at 1010 or 1020 View Street? Here's What You Need to Know About the Upcoming Special Assessment

If you're considering a purchase at Regents Park (1010 & 1020 View Street in Victoria), there's one crucial piece of information you need to factor into your decision:The strata is currently reviewing options for a major building envelope renewal — and it comes with a significant special levy.

🧱 What's Being Proposed?

The project under consideration includes:

• Full replacement of exterior stucco (EIFS) panels
• New windows, balcony doors, and skylights
• Balcony and concrete delamination repairs
• Roof assembly upgrades

There are multiple options on the table — with some estimates in the $20–26 million range for the full scope. That could translate to individual levies between $95,000 and $200,000 per unit, depending on the floor plan and financing method.

The current estimate is $22.5M and will soon be proposed to owners, seeking a 50% vote, to proceed with a contractor tendering and bid.

Despite the current Contingency Reserve Fund (CRF) having over $3M, this is not enough to cover the scale and scope of this project. Furthermore, the strata council will always want to maintain at lease $1M in cash reserves at all times.

💰 Projected Special Assessments by Unit Type

As part of the proposed Building Envelope Project (BEP) at 1010 and 1020 View Street, owners should anticipate a significant special levy. Based on the current cost estimate of $22.5 million, here’s a breakdown of expected contributions per unit type:

These figures are estimates only and may change based on the final scope, tendering process, and inflation.

💵 What Does This Mean for Buyers?

• If you're looking at a unit right now, it's essential to confirm whether the pricing reflects the upcoming cost exposure.
• Lenders may scrutinize your mortgage application more closely, especially if the building has major work ahead.
• Resale values may be temporarily suppressed as buyers hesitate during the uncertainty phase — but post-renovation, values can recover and even rise if the work is done properly.

📉 What This Means for Sellers

If you're planning to sell at 1010 or 1020 View Street, be prepared: the upcoming special levy will likely impact your sale price. Buyers are factoring in estimated costs ranging from $100K to $195K, and offers may reflect that. Transparency is key — sellers are legally required to disclose known assessments and upcoming projects. While market values may soften in the short term, there’s still opportunity for smart, well-timed sales with the right pricing and strategy

🗓️ Timing

As of now, no final decision has been made, but the vote and levy issuance are expected in the near future (as early as 2026). Buyers should review Form B documents, AGM minutes, and engineering reports (depreication and building envelope condition assessment) closely.

✅ What You Should Do

• Work with a REALTOR® who knows the building and strata history - Dustin Miller is the building expert and long-time resident.
• Ask for the latest engineering reports and project estimates
• Budget for the levy and possible loan repayment structures
• Treat this as an opportunity to negotiate price, but also plan for future value upside after the work is complete

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