The Types of Real Estate Ownership in Canada

There are four different types of real estate ownership in Canada: Freehold, Strata, Cooperative, and Leasehold. Each ownership type has its own pros and cons. Here is all you need to know about these four most common types of real state ownership in Canada.

A white and grey concrete house


Freehold Property Ownership

Freehold property ownership is the most common type of ownership. It allows the owner to own the building and its land. It gives the owner the freedom to handle things like maintenance, renovations, and designs as he deems right. Some of the restrictions that these owners need to be mindful of are the city zoning and permit limitations.

Strata Property Ownership

Buying space in strata means you’ll have complete ownership of the exclusive space, whereas a shared ownership of some common grounds such as the parking, hallways, roofs, etc.

Although you’ll be responsible for maintaining your exclusive space, the maintenance of the common grounds will be covered by a monthly fee.

There are rules and regulations that govern how you are supposed to live in a strata, even in your private space, to ensure that everyone is able to live without any disturbance. There’s a council of owners that’s elected by the owners in strata to take care of the maintenance and other administration issues.

Co-Op Property Ownership

It’s somewhat similar to a strata. In a Co-op, rather than owning your own space, the owners own shares of the corporation that builds the complex. Based on the shares you have in the corporation, you’re given a unit in the co-op.

As you aren’t actually investing in real estate but rather buying shares in a co-op, you might require a very different financing option called a share loan. A share loan is very similar to a mortgage, but instead of your house or property being the collateral, it’s the shares you own in the co-op.

Like in Strata, all the owners share expenses of the common grounds, and there’s a council that administers and manages the co-op.

Leasehold Property Ownership

A leasehold property ownership gives you the ownership of the building, but the ground of the building has been leased. Although the lease is pretty long, you’ll eventually run out of it and will have to renegotiate your terms. The owner of the land can even reclaim the property.

 

Building set up

If you have any real estate-related legal issue, contact Nanda and Associate Lawyers Professional Corporation. They handle real estate, family law, civil litigation, and personal injury cases. They also one of the best Canadian immigration lawyers who can make your dream to study in Canada come true. Get in touch for any legal trouble.

 

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