What is the difference between Freehold Strata, Leasehold Strata and Co-ops?
• Freehold Strata is the normal type of ownership for apartments/town homes and sometimes homes. Here you acquire fee simple title to your strata lot. • Leasehold Strata is typically in the Falce Creak or University Land area. When purchasing a leasehold Strata unit you are actually purchasing an interest as a “Leasehold Tenant”. Leaseholds are either a Prepaid or Non-prepaid Lease for the length of the term (99 years is the typical lease length from when the original lease was signed). At the end of the term the Leasehold Landlord may purchase the land back from the owners or re-lease it for another term but typically at a higher rate than the original lease. • Co-ops (Cooperative Corporations) is the one of the oldest forms of land ownership in Canada. Here you don’t own a Fee simple title to the unit, instead you own “shares” in the complex and the shares are allocated to your specific unit. When buying in a Co-op building you need a minimum of 35% of the purchase price for down pay
