Options vary slightly between provinces, but you can choose between the following ownership types in Canada:
- Freehold — you own the building and the land
- Leasehold — you own the building and rent or lease the land
- Condominium (or “strata”) — you own your unit and share common elements
- Co-operatives (co-ops) — you buy a share in the building and live in one of the units
If you’re considering a condo, make sure you review all the financial and technical audits for the condominium corporation to avoid surprises later on.
Find out more in the condominium guide.