Currently we have a small garden suite for sale in a brand new triplex. Above is a 2 story unit, and out back is a coach house.

A potential Buyer wants to know if the owner of the garden suite will own 1/3 of the land, as one of the 3 owners of the triplex. Division of ownership, and also division of strata fees (if there are any) are based on the size of each unit. Therefore the owner of the largest unit owns the biggest share of the land but also pays a greater portion of the insurance, strata fees and property taxes.


Below is a great definition of "strata" from the Canadian Home Builders Association. Let me know if you have any questions!

Condominium

(called “Strata” in the province of British Columbia)


Condominium ownership means you own the individual unit you live in, and share in the ownership of common spaces. Common spaces can be within the building (e.g. corridors and foyers), the grounds around the building, and any shared amenities (e.g. swimming pools, recreation rooms). 

You are responsible of the upkeep of your unit, including property taxes, and pay a monthly “condo fee” towards the costs of maintaining common spaces and amenities.
 
You and the other owners of units within your building manage the common areas through an owners’ association. The association makes decisions about using and maintaining the common space, and sets your condo fees.​

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Most co-ops in Vancouver can be found in the Westend and in the Oakridge area.

However, my buyer found this gem in South Granville. He was able to purchase a 965 square foot one bedroom home for only $575,000. The impediment for many people buying a co-op is the required 35% minimum down payment. As well, the lesser known ownership style confuses people (you are buying shares in a company that owns the building and the land), and so they pass over even looking at co-ops.

They are generally concrete buildings, built prior to 1970, avoiding the whole leaky condo period. Rooms are spacious, windows expansive and many have retained the beautiful hardwood floors.

Co-ops can also have more restrictions like a 19 minimum age requirement, no rentals or no pets. Before you can purchase, you need to be approved by a board of directors.

For this 9 suite building, EVERYONE that lived there had to approve.


I am a big fan!

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