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What are the various types of property ownership?
Which one is best for you?

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Single Family – Freehold

• Most common form of ownership
• You own the land and home and are responsible for everything inside and outside of the home
• Property Transfer Tax is generally applicable unless you qualify for the exemptions (We can talk more about these exemptions) – Higher cost associated as you own the land
• Right to occupy “Runs with the land” and goes on indefinitely (some exceptions apply)

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Strata Condo/Townhouse – Freehold

• You own your unit and share ownership of common spaces
• Strata is in charge of upkeep of the building and common areas such as halls, elevators, parking garages, amenities, etc. – You pay a monthly fee to the Strata. This fee can cover items such as; maintenance fees, groundskeeping, building insurance, taxes, the Contingency Reserve and Operating funds, etc.
• There are Rules and Bylaws that apply to all units and common areas and can make reference to restrictions on rentals, pets, common area use, etc.

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Single Family – Leasehold

• You own the home but not the land and are responsible for everything inside and outside of the
  home.
• The land is generally “leased” on a 99 year term so the length of time remaining will vary
  depending on location.
• Property Transfer Tax Exempt (rare exceptions apply)
• Financing can be limited
• Lower cost associated vs. comparable Freehold home
• May retain First Time Buyer’s status for future home purchase

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Strata Condo/Townhouse – Leasehold

*Includes all of the items from Strata- Freehold section, as well as:

• Depending on the development, there may be a lease fee on top of your strata fee
• Again, you do not own the land and the land will typically be on a 99 year term
• Certain developments can only be financed through specific lenders.
• Lower cost associated vs. comparable Freehold Strata unit.
• May retain your First Time Buyer’s status for a future Freehold purchase, if applicable.

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