Condominiums or Strata Properties
Until relatively recently (i.e., 50 years or so ago!), “real property” was land and only land could be registered at the Land Title Offices in BC.
Apartments existed only in rental buildings – they could not be owned individually. Now an “apartment” can receive a legal title and be dealt with under the laws governing land.
Today condominiums (also known as “strata properties”) are a very popular form of Real Estate and range from bare land strata developments, through townhouse developments, to large multi-unit, multi-floor buildings. The strata concept has been applied to commercial and retail developments, to parking garages, to recreational developments. There are a great many variations on the condominium theme and without a doubt there will be many that we can’t foresee today.
The condominium concept has enabled affordable homes in urban centres, helped provide secure, comfortable homes for retirees and seniors, allowed a variety of services to be included in a condominium “package”, created luxury developments, innovative investments and much more.
British Columbia has quite specific legal requirements for the creation, construction and day-to-day operation of condominiums or strata properties.
Developers, buyers and in many cases strata councils will want to obtain careful legal guidance when developing, buying, selling or managing strata properties.
Feel free to use the form in the sidebar to ask us questions you may have or give us a call (local 250 492-2425 or if you are out-of-town call us Toll Free 1-877-492-2644).