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!
(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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