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Types of Home Ownership

Freehold - Also known as fee simple, what we refer to as "ownership" of a home.  The owner has full control of the land and buildings on it, subject to any rights of the Crown, local land-use bylaws, and any other restrictions in place at the time of purchase.

Strata Title
 - This type of ownership is designed to provide exclusive use and ownership of a particular strata lot, which is contained in a larger property, plus shared use and ownership of the common areas such as halls, grounds, garages, elevators, etc.  Because ownership of these common areas is shared, the owners also share financial responsibility for its maintenance.

Leasehold - You purchase the right to use the residential property for a long , but limited, period of time.  Regardless of the length of the original term, you will only be able to purchase the remaining portion.

Cooperative - Each owner owns a share in a company or cooperative association which, in turn, owns a property containing a number of housing units.  Each shareholder is assigned one particular unit in which to reside.