Types of Ownership for Vancouver Homes.
There are a variety of different types of Home Ownership in Vancouver B.C.
This page outlines in detail the differences:
Freehold interest (also known as a fee simple) is the strongest form of home ownership in Canada. The owner of a freehold interest in real estate has full use and control of the land and the buildings on it, subject to any rights of the Crown, local land-use bylaws and any other restrictions in place at the time of purchase. Freehold Strata ownership is also very common and is subject to any strata restrictions applicable at the subject address/complex. In freehold ownership there is no limit of time to hold the property like in case of leasehold ownership. A freehold property lies with the title holder unless he/she transfers it out of his or her name, or dies.
In some cases, you might purchase the right to use a residential property for a long, but limited, period of time. This type of ownership is known as a leasehold interest. This type of ownership is used most often for townhouses or apartments built on city-owned land. It is also used occasionally for single detached homes on farm land, or First Nation reserves, and for apartments where the owner of the freehold interest of an entire apartment block sells leasehold interests in individual apartment units to other “owners.” Leasehold interests are frequently set for periods of 99 years, but regardless of the length of the original term, you will only be able to purchase the remaining portion. Of course, the shorter the remaining portion, the less you, or the person who eventually purchases from you, will be willing to pay for the leasehold interest. This type of ownership comes in the form of Pre-Paid or Non Pre-Paid. If the Lease if Pre-Paid, it was paid off in full at the conception of the development. If the Lease is Non Pre-Paid you will be paying off the lease proportionately with all the other members of the strata on a monthly basis as a part of your strata fees.
In the cooperative form of ownership, each owner owns a share in a company or cooperative association which, in turn, owns a property containing a number of housing units along with its common area and which some or all members can utilize. Some downtown Vancouver homes & False Creek homes are arranged to that each shareholder is assigned one particular unit in which to reside.
The strata title form of ownership is designed to provide exclusive use and ownership of a specific housing unit (the strata lot) which is contained in a larger property (the strata project), plus shared use and ownership of the common areas such as halls, grounds, garages, elevators, etc. This type of ownership is used for duplexes, apartment blocks, townhouse complexes, warehouses, and many other types of buildings. In addition, some single family downtown Vancouver home developments may be part of a bare-land strata development. Because ownership of the common space is shared, the owners also share financial responsibility for its maintenance.
A building or complex in which units of property, such as apartments, are owned by individuals and common parts of the property, such as the grounds and building structure, are owned jointly by the unit owners. This structure has 1 common entry for all residents. This is the case for some downtown Vancouver homes.
A single-family detached home, or single-family home or detached house for short is a free-standing residential building. Most single-family homes are built on lots larger than the structure itself, adding an area surrounding the house, which is commonly called a yard. Because of limited space there aren’t many downtown Vancouver homes with yards.
A dwelling generally having two or more floors and attached to other similar units via common walls. Town houses are often used in planned unit developments and condominium developments, which provide for clustered or attached housing and common open space. Townhouses have their own individual private entrance similar to a detached houses.