Glossary · Buying and financing
Leasehold vs. freehold
Freehold means you own the land and building outright; leasehold means you own the right to use the property for the remaining term of a long-term lease, after which it returns to the landowner.
A few buildings in Metro Vancouver, including on the North Shore, sit on leased land. Leasehold homes are usually priced below comparable freehold ones, and the gap widens as the remaining lease term shortens because fewer lenders will finance them.
Before offering, confirm the lease end date, any prepaid versus monthly lease payments, and which lenders will lend on it.
Related terms
General information, not legal or tax advice. Rules change; confirm the current figures with the province or your notary or lawyer before relying on them.
