Types of Home Ownership in British Columbia

When buying a home in BC, it’s important to understand the different forms of property ownership. Each type has unique legal implications, rights, and responsibilities. Here's a clear breakdown to help you choose the right fit.

🏠 Freehold Ownership

Also known as "fee simple," freehold is the most common type of ownership in BC. You own both the building and the land it sits on, with full control over your property (subject to local laws and zoning).

🏢 Strata Title

Common in condos and townhomes, strata ownership includes ownership of your unit and shared ownership of common areas (hallways, elevators, amenities). Strata fees cover maintenance, insurance, and reserve funds.

BC Government - Strata Housing Guide

📜 Leasehold Ownership

In leasehold, you own the right to use the property for a set period (commonly 99 years), but the land itself is owned by another entity (e.g., the government or a First Nations band). Often used for city land or university lands.

🤝 Co-Operative Ownership (Co-op)

In a co-op, you buy shares in a corporation that owns the building, rather than owning a unit. This gives you the right to occupy a specific unit, but approvals and resale conditions can be more restrictive than strata or freehold.

🧠 Which Type is Right for You?

Your lifestyle, investment goals, and location preferences will guide which type of ownership suits you best. Speak with a REALTOR®, real estate lawyer, or notary public to understand the legal and financial implications.

Disclaimer: This information is provided for general reference only and does not constitute legal advice. Please consult a qualified legal or real estate professional for advice specific to your situation.