— In Canada we actually never own our land, it ultimately remains the real property of the Queen. What we do have is three main types of property ‘ownership’ that governs our right to the use of that land.
This is considered the highest form of ownership. It is by far the most common type. It offers owners the great number of usage rights subject only to compliance with the local bylaws and building codes.
Detached homes are the most common type of freehold property however, a number of condominiums are also sold as freehold property and are designated as Freehold Strata.
This property type means the owner agrees with the right to occupy the land and/or building for a specific length of time. Leasehold terms vary greatly so it is important to be clear in understanding your rights to use prior to committing to ownership. Notable is that as the term of the lease nears its end point the value of the property begins to decrease.
A cooperative or co-oop, is a legal entity that owns the property. An owner becomes a member in the co-op and in so doing is granted entitlement to occupancy rights of a specific unit. Due to their restrictive nature co-ops often require much larger down payments.