Recently I inspected a Condo in Richmond, which is about 5 years old. From the inspector’s point of view, condo inspection is a partial inspection and is performed on only those components that the buyer or the homeowner is responsible for. For every condo I inspected, I kept reminding the buyers the importance of reviewing the past strata meeting minutes, especially, with regard to the building envelope and structural issues, because they are just too crucial to be ignored. For more information about strata buyers, read here.
Also, Do Not assume your monthly strata fees will cover your for everything. The might turn out to be a big surprise for you. This is what I saw in the elevator in the condo I inspected; if it is not clear, this is the original source. I admit I purchased many kinds of insurance but I never read those fine prints very carefully. Yes, as a condo owner, you have more “closer” relationship with your neighbors, strata managers etc. Good luck!