Glossary · Strata and condos
Strata
Strata is BC's form of shared ownership: you own your unit outright and share ownership of the common property, like the roof, halls and grounds, with the other owners.
Condos, most townhouses and some duplexes are strata. Owners together form the strata corporation, elect a strata council, and pay monthly strata fees that cover operating costs and the contingency reserve fund. Bare land strata is a variant where you own a lot and the building on it.
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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.
