• In strata housing (apartment-style condos are the most common), people own their individual living spaces and together own the common property as a strata corporation.
• As co-owners of the common property, strata owners also pay for shared expenses such as upkeep of a swimming pool, yard maintenance or snow removal.
• In a freehold development, people own their individual living spaces, or their strata lots.
• In a leasehold development, a landlord owns the strata lot and occupants act like long-term tenants. They’re registered on title, and are treated as owners under strata property law, which means they pay strata fees.

Know these things about stratas before you buy

• Request that the strata corporation provide an Information Certificate, called “Form B.” This must be provided to you within a week of the request.
• Form B must also have the following attachments:
  • Strata rules
  • Current budget
  • Rental Disclosure Statement (if one was filed)
  • most recent depreciation report
• Review the monthly strata fees and compare them to other developments. Watch for user fees such as parking or insurance deductibles.
• It’s always a good idea to review related documents with a legal professional, especially those for leasehold developments.
• Don’t forget about insurance! Even though the strata corporation will have coverage, it doesn’t extend to you or your personal effects.

Resources - Vancouver Island Strata Owners Association (visoa.bc.ca)