Firstly let us look at freehold properties. Freehold ownership is the most common in Vancouver. It entitles the homeowner to have their name on title as full owner of the land and the improvements (house) on the land. If it is a condo that is being purchased, a freehold ownership gives you full ownership of your unit and a portion of the land and common areas depending on your unit of entitlement in the building. Basically, the larger the unit, the more land and common area you own.
Next we have leasehold properties. Leaseholds comprise a much smaller percentage of home sales in Vancouver and can be found in strata properties on leasehold land, co-operatives on leasehold lands and even mobile homes on rented pads. For the purposes of this column, a leasehold is a home where the land is being leased usually from the government or as is also common in Vancouver, a native band, for a defined period of time. When purchasing a leasehold,
