One third of BC residents live in a strata home, whether it’s a condo, townhouse, or multi-plex unit.
Strata homes are usually more affordable than their single-family counterparts. They can also lessen the burdens of home ownership, with strata residents sharing responsibilities for things like maintenance, snow shoveling, and security. And while these homes tend to be smaller, they may also have access to amenities like a pool or gym.
If you’re looking to own a strata home, make sure you’re familiar with related terminology. Here’s a guide to some of those terms.
In a strata development, the parts created for individual ownership are called “strata lots.” Informally, these lots are referred to as a “strata unit” or a “condominium.” The rest of the development consists of common property. Strata housing can include: condos, townhouses, and multiplexes.
Strata owners own their individual strata lots...