There is a very common misconception in the real estate sector that Deering Island is a bare land strata. It is not. All 38 properties are freehold non-strata lots in the RS-1 zone. The Deering Island Homeowners’ Society exists to raise funds for three things: 1. To maintain the common area greenspace near the tennis court (which belongs to the Deering Island Residents equally), 2. to maintain the tennis court itself, and 3. To carry insurance. Annual mandatory dues are in 2017 CAD $350 per property. The Homeowner’s Society meets once a year (usually November) and it is a great opportunity for the owners to get together and socialize and talk about neighbourhood issues. New owners will find that the island has an amazing sense of community that is unparalleled in other neighbourhoods.
Being waterfront foreshore lots, the titles are slightly more complicated than average City of Vancouver lots, but most everything on title relates to the fact that all of the properties are waterfront and as such, each property owner requires a relationship with the Port of Metro Vancouver, who acts as our dyking authority. We/they carry a large fund in the event of an inadvertent strike by the island by a barge or something to that effect. That fund today is in the neighbourhood of CAD $800,000. The dyke is inspected annually by an outside consulting firm and any required repairs are identified. For the purposes of maintaining the dyke and insuring it accordingly, each property is assessed a fee by the Port of Metro Vancouver in the neighbourhood of CAD $1,600 per year (2017 dollars)