Full control over the land and any structures.

Owner is responsible for all maintenance and expenses.

No shared ownership or responsibilities with others unless it’s part of a larger development.

Strata Title:

This refers to a system of ownership typically used for apartments, townhouses, or duplexes where the owner holds title to their individual unit, but also shares ownership of common areas with other residents (e.g., hallways, elevators, gardens, etc.).

You own your unit, but the land and common areas are collectively owned.

Shared spaces are managed by a strata corporation, and owners pay monthly strata fees for maintenance of these common areas.

Apartments, townhouses, and multi-unit buildings.

Bare Land Strata:

Strata title where the ownership is restricted to the land only, without any structures (homes or buildings) included in the title. The land is divided into separate lots, but the individual owner is responsible for maintaining their own property (e.g., any building on the lot) while sharing common areas and amenities.

Owners purchase the land, not the buildings on it.

Owners are responsible for their own lot, while the strata corporation handles shared amenities (e.g., roads, landscaping, utilities).

Shared features (e.g., roads, utilities) are managed by the strata corporation with fees covering maintenance.

Leasehold:

In a leasehold arrangement, you purchase the right to occupy the land for a fixed period, usually 99 years or another specified term. After this time, the land reverts to the original owner, typically a municipality or a First Nations group. You don’t own the land but rather lease it for a set period.

At the end of the lease, ownership of the property returns to the original landowner.

Frequently seen in certain developments or on land owned by Indigenous groups or government entities.

Cooperative (Co-op):

A co-op, residents own shares in a corporation that owns the building, rather than owning individual units. The co-op members collectively manage the property, and each shareholder is assigned a unit to live in. Co-ops often have rules and guidelines that members must follow.

Owners buy shares in the co-op corporation and are assigned a unit to live in.

Co-op members typically participate in the management of the property, including maintenance, finance, and decision-making.

Co-ops are often based on principles of shared responsibility and communal living.

Each of these property ownership models offers different levels of control, responsibility, and rights. The choice depends on the specific needs and preferences of the buyer, such as the level of maintenance, type of property, and long-term ownership plans.