Condo Living Starts Here

Strata | Condo Blog

 

Here are 15 key differences between home ownership and strata ownership in British Columbia

1. Property Type:
  • Home Ownership: Refers to owning a standalone house or property.
  • Strata Ownership: Includes various types of properties such as condos, townhouses, duplexes, and even single-family homes within strata corporations.

2. Legal Structure:
  • Home Ownership: No shared ownership; you own the entire property.
  • Strata Ownership: Shared ownership of common property and assets with other strata lot owners as part of a strata corporation.

3. Common Property:
  • Home Ownership: No common property; you maintain your own land.
  • Strata Ownership: Common property (e.g., hallways, parking lots) is collectively owned by all strata lot owners.

4. Maintenance Responsibility:
  • Home Ownership: You are solely responsible for maintaining your property.
  • Strata Ownership: Shared responsibility for common property maintenance and repairs.

5. Strata Fees:
  • Home Ownership: No mandatory fees beyond property taxes.
  • Strata Ownership: Regular strata fees cover shared expenses (e.g., landscaping, building maintenance).

6. Bylaws and Rules:
  • Home Ownership: No specific bylaws or rules.
  • Strata Ownership: Strata corporations have bylaws and rules that all owners must follow.

7. Decision-Making:
  • Home Ownership: Independent decision-making.
  • Strata Ownership: Collective decisions made by the strata council or owners during meetings.

8. Insurance:
  • Home Ownership: You arrange your own insurance.
  • Strata Ownership: Strata corporation insurance covers common property; individual owners need additional coverage for their units.

9. Special Levies:
  • Home Ownership: No special levies unless for personal upgrades.
  • Strata Ownership: Special levies may be imposed for major repairs or improvements.

10. Sections within Strata Corporations:
  • Home Ownership: Not applicable.
  • Strata Ownership: Some strata corporations have sections with separate bylaws and budgets.

11. Mixed-Use Developments:
  • Home Ownership: Rarely includes commercial spaces.
  • Strata Ownership: Some strata developments combine residential and commercial spaces.

12. Freehold vs. Leasehold:
  • Home Ownership: Typically, freehold (you own the land).
  • Strata Ownership: Can be either freehold or leasehold (with specific legal responsibilities).

13. Air Space Parcels:
  • Home Ownership: Not applicable.
  • Strata Ownership: Some strata developments include air space parcels with distinct responsibilities.

14. Appearance:
  • Home Ownership: No visual distinction from non-strata properties.
  • Strata Ownership: Strata-titled properties can look identical to non-strata properties.

15 Creation of Strata Corporations:
  • Home Ownership: Not applicable.
  • Strata Ownership: A strata corporation is legally created when a developer files a strata plan at the Land Title Office.

Remember, while home ownership provides more autonomy, strata ownership offers shared amenities and a sense of community. Choose what aligns best with your lifestyle and preferences!

 

Return to Index...

 

 

 

Don Rae REALTOR® Your Trusted Real Estate Partner
Don Rae is a trusted real estate partner with over 10-year experience in the Okanagan real estate market and has successfully weathered many different market conditions. "I've helped countless clients navigate the real estate market-whether it's a seller's market, a buyer's market, or anything in between." Should you have any questions or comments please feel free to reach out at 250-864-7337

 

The information on this website about strata housing is provided for the user's convenience as a basic starting point; it is not a substitute for getting legal advice. Don Rae Realtor® and or Royal LePage Kelowna accept no responsibilty for the contents of the website links.
Updated: February 19, 2024.