Buying real estate in British Columbia can feel like learning a new language.

“Freehold,” “strata,” “leasehold,” “co-op,” “bare land”—each comes with its own rights, rules and surprises. We are going to unpack the major ownership types in plain English so you can match the right structure to your lifestyle, budget, and risk tolerance. Today’s column is a quick tour. I’ll will dive a little deeper next time.

Freehold (fee simple)

The classic form of ownership for most detached homes. You own the land and the improvements outright, subject to local bylaws and covenants. It offers the greatest control and long-term stability but also the full responsibility for maintenance, repairs, and costs.

Strata (condominiums and townhomes)

You own your individual strata lot (your unit) and share ownership of common property (hallways, roofs, amenities) with other owners. Expect monthly fees, bylaws (pets, rentals, smoking, renovations) and shared decision-making. Great for lock-and-leave living; less great if you dislike rules.

Bare land strata

Think freehold lite. You own a lot of land (often a detached home site) but roads, services or amenities are common property overseen by a strata corporation. Fewer shared elements than a traditional condo, yet bylaws and monthly fees still apply.

Leasehold (Crown, municipal or First Nations land)

You purchase the right to use the land for a set term (often between 30 and 99 years) but you don’t own the land itself. Values and financing can hinge on years remaining, rent reviews and renewal clauses. Leasehold can open doors in coveted areas. Think of it as renting the dirt while owning the house—your lease payments secure long-term use but at the end of the term, the property reverts to the landowner unless renewed. It's a teaser for budget-conscious buyers, but beware of escalating ground rents or restrictions on modifications.

Co-operative (co-op) housing

You buy shares in a corporation that gives you the right to occupy a specific unit. The building is collectively owned and governed. Financing and resale rules can be different from strata. Often community-minded and comparatively affordable but approval processes and restrictions can be tighter. This model fosters a sense of collective ownership. It's cheaper than condos in entry costs but can limit financing options and resale flexibility.

Co-ownership (joint tenancy vs. tenants-in-common)

Two or more people buy together. Joint tenancy includes a right of survivorship. Tenants-in-common allows unequal shares and passes your portion through your estate. Terrific for pooling resources if you put the right agreement in place.

Fractional or shared Interest/resort ownership

You purchase a fraction of a property or a right to use it during set periods. Ideal for vacation homes you won’t occupy year-round but financing, resale markets and usage rules vary widely.

Air space parcels

Developers can divide vertical space into separate “air lots”. Think mixed-use towers with retail, office and residential stacked together, each with different owners and agreements. Fascinating, complex and increasingly common in urban hubs.

Life estate and other specialized interests

A life estate gives someone the right to occupy or benefit from a property for their lifetime, with ownership or remainder passing to another party afterward. Useful in estate planning but can complicate sales and financing.

Manufactured homes in parks

You own the home but rent the pad under provincial tenancy rules. Lower entry price but consider pad rent, park rules, age restrictions and future redevelopment risk. Insurance, financing and resale dynamics differ from fee simple.

Rural and agricultural nuances (ALR, water, access)

Outside cities, ownership can be shaped by the provincial Agricultural Land Reserve’s rules, water licenses and easements for access or services. Romantic and regulation-heavy.

What it all means for you

No single ownership type is “best.” The right choice balances your need for control versus convenience, your tolerance for collective decision-making, your financing options and your long-term plans.

Over the next few columns I’ll take each category apart—what you actually own, how decisions get made, how insurance works what lenders look for, as well as the red flags that deserve a second look.

If my last column’s overview felt like a buffet of acronyms and ownership styles, today I’m carving into the simplest - and most common - property ownership option in British Columbia: freehold (fee simple).

In simple terms, you own the land and anything permanently attached to it. That control is powerful but also means you’re on the hook, financially and practically, for everything within your property’s lot lines.

What “owning it all” really means

At its core, freehold ownership grants the buyer absolute title to both the land and any structures on it, for an indefinite period. Under B.C.’s Property Law Act and Land Title Act, that means you own the property "in fee simple," subject only to government regulations like zoning bylaws, building codes and any registered covenants or easements. (In Canada, there is no explicit constitutional right to own property but that may be a topic for a future column.)

This form of ownership traces its roots to English common law, adapted to Canadian contexts and remains the gold standard for long-term stability.

Unlike strata properties there are no strata councils or monthly fees for shared amenities. The trade-off is there’s no shared budget for roofs, paving or insurance. Instead, you have the freedom to renovate, landscape or even subdivide, as long as it complies with local rules.

Mortgage payments

Your largest fixed cost is typically the mortgage. Lenders qualify you, and your monthly payment combines:

• Principal (what you owe)

• Interest (cost of borrowing)

• Potential mortgage insurance

Tip: Model interest rate scenarios, not just today’s rate. A one-point increase can add hundreds per month.

If you can, and want to, pay cash then ignore all the mortgage stuff.Property taxes and utilities

Municipal (or regional) property taxes are due annually, often with options for instalments or a tax deferment program (eligibility varies). Budget also for utilities. Add $200 to $400 per month for electricity, gas, water and internet, depending on home size and efficiency. Also budget for water, sewer and garbage pick-up (a flat fee or metered) and, in some rural areas, services such as septic pumping, well testing, road maintenance).

Tip: Ask your real estate agent for the current year’s tax notice and utility averages. They’re great reality checks for your monthly budget.

Insurance and closing costs

Insurance should be non-negotiable. Homeowners' policies average $2,709 yearly in B.C. but can top $3,500. Flood or earthquake add-ons push costs up another $500 to $1,000. Closing costs, paid at purchase, total between 3% and 4% of the price—$28,500 to $38,000 for an average home, including legal fees, appraisals and B.C.’s Property Transfer Tax (1% on the first $200,000, 2% on $200,000-$2 million and 3% on the amount over $2 million).

With freehold, you insure the entire building and liability, not just the contents. Premiums depend on replacement cost, age of systems (roof, electrical, plumbing), proximity to wildfire interface and water-related risks. Higher deductibles can lower premiums but increase your out-of-pocket if something goes wrong.

Tip: If the home has older plumbing (e.g., polybutylene/“Poly-B”), aluminum wiring or a wood stove, talk to your insurer early as coverage and cost can change based on upgrades or inspections.

Repairs and maintenance

A common planning rule is between 1% and 2% of the home’s value per year, adjusted for age and complexity or about $9,500 to $19,000 for a $951,000 property. Regular maintenance is key. Neglect can lead to costly surprises, such as a $10,000 to $20,000 roof replacement or a $5,000 foundation fix.

Typical freehold expenses include:

• Roofing and gutters (cleaning, eventual replacement)

• Heating and cooling (furnace or heat pump service or replacement)

• Plumbing and electrical (repairs, safety upgrades)

• Exterior (paint, siding, decks, fence, driveway)

• Yard (tree work, irrigation)

Renovations and additions

Freehold gives you freedom to change the home but permits and codes still apply. Expect costs for plans, permit fees, engineering (for structural or hillside sites) and potential development permit requirements near creeks or steep slopes.

Due diligence before you buy

A clear title and a pretty lawn aren’t enough. Ask for:

• Title search and plan. Note covenants, easements, rights-of-way (e.g., building scheme, height and colour rules, shared driveways, utility corridors).

• Property disclosure and inspection reports (roof age, moisture, foundation).

• Utility information. Water source (municipal or well), sewer or septic (pump-out history, permits).

• Insurance conversation. Get a preliminary quote based on age and systems.

• Zoning and bylaw check. Are suites allowed? How about short-term rentals? Are there parking requirements? What, where and how big you can build? Riparian rules. Hillside requirements. Heritage designations and rules. There is a lot to look for.

• Wildfire and flood interface. Defensible space, insurer requirements, local risk mapping.

Pros and cons of freehold ownership

Advantages:

• Maximum control over your property’s use and improvements

• No strata rules or monthly strata fee

• Long-term stability and typically strong resale demand for detached homes

Trade-offs:

• You carry 100% of maintenance, repair, and replacement costs

• Larger cash-flow swings (a roof or retaining wall can be a five-figure surprise)

• Compliance with zoning, permits, and title restrictions remains essential

How to budget smartly

• Build a sinking fund. Automate monthly transfers for maintenance.

• Price in insurance and taxes alongside mortgage pre-approval.

• Prioritize system upgrades that reduce risk and premiums (electrical panel, plumbing replacements, monitored alarms).

• Keep a one-page roadmap for the next five years—roof timeline, HVAC lifecycle, exterior paint, driveway, tree work.

Freehold is freedom. It’s your land and your call - balanced by full responsibility. For many B.C. buyers, that autonomy is worth the work. If you plan ahead for taxes, insurance, and a steady diet of maintenance, you’ll enjoy the best of what freehold offers. Long-term security, flexibility to improve and the satisfaction of truly owning your home.

I have dissected freeholds, stratas and leasehold (the one where you technically rent the dirt under your feet for 99 years) in the last few articles.

It’s time to meet the quirky cousin nobody invites to dinner parties—the housing co-op. Think of a co-op as a giant group project that somehow works. You don’t buy the townhouse or apartment, you buy a share in the non-profit corporation that owns the entire property.

In return, you get lifelong dibs on your unit plus one vote at meetings that feel suspiciously like a family reunion with spreadsheets.

The price tag is the first pleasant surprise. While your friends are crying into their mortgage pre-approval letters for a two-bedroom condo, you might slide into a similar co-op unit for a share price of just over half what they will pay.

Yes, that’s the actual amount that changes hands. The catch? When you leave, the co-op (not the market) may decide what your share is worth. Translation: You probably won’t be retiring to the French Riviera on the profit but you also won’t be house-poor for the next 25 years.

There are lots of variations on this, where some may be sold at market rates but it is important to always find out the details as they can vary wildly.

Your monthly “housing charge” is the co-op version of strata fees, mortgage payments, property taxes, insurance, and that mysterious envelope marked “roof fund” all rolled into one tidy number. It’s usually higher than a similar strata but sometimes covers a lot more. It probably includes the property taxes and the master building insurance and may pick up your cable and electricity tab as well. Try getting a comparable strata to throw those in for free.

Repairs? The co-op fixes the roof, the boiler and anything that requires a crane. You fix the dishwasher you broke trying to wash a Bamboo cutting board. It’s a fair division of labour that keeps special levies to a minimum and the reserve fund surprisingly healthy. Most co-ops learned from the strata horror stories.

Mortgages are the part where co-ops get sticky. Traditional banks look at your share certificate the way a cat looks at a bath. Instead, you’ll be directed to credit unions or the co-op’s own loan program. Down payments are often between 5% and 10% and the co-op board gets to decide whether they like your financial vibe.

It’s like applying to live with 60 new roommates. Taxes and insurance are delightfully boring. The co-op pays them once, divides the pain evenly and nobody has to remember the homeowner grant deadline. Your own insurance is a simple tenant-style policy, basically “please cover my lava lamp and the reno I did without asking.” How does it stack up against the others?

• Freehold house: You own everything, including the stress of a $40,000 roof bill.

• Strata condo: You own your box plus a slice of the drama downstairs (I am talking mostly about parking stalls, but there is more).

• Leasehold: You own the unit, but someone else owns the ground and sends you the occasional “just thinking of you” rent hike.

• Co-op: You own a share, a vote, and the satisfaction of never having to chair another strata meeting.

The trade-offs are real. You’ll need board approval to sell (they want to meet the new neighbours), resale prices might be capped and subletting is about as likely as a quiet AGM.

But in exchange, you get neighbours who actually know your dog’s name, housing costs that rise slower than avocado toast prices and the smug knowledge that you’re part of one of the last affordable ownership models still standing in B.C.

Co-ops aren’t for everyone. If your life goal is to flip properties like pancakes, look elsewhere. But if you’d rather spend your weekends hiking than worrying about the next special levy, a co-op might just be the sanest way left to put down roots in this province.

You will need to keep an eye out, they aren’t as rare as an honest politician but close.