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!
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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
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Updated: February 19, 2024.