So what exactly is a condo?....that’s a question that comes up a lot. Condo ownership is fast becoming a popular choice for homeowners here in Vancouver, offering both affordability and lifestyle, yet it is still a concept that is often misunderstood. ‘What is the difference between a condo and an apartment?’ is another great question I often get asked. So I thought I’d put together a little overview to help you get a better understanding about condos and condo ownership here in Vancouver.

The word ‘Condominium’ (or ‘Condo’ for short) refers to a form of legal ownership, as opposed to the style of construction. This form of ownership can apply to high-rise and low-rise residential buildings, townhouses, individual houses, and even bare land. A condo, also commonly referred to as a ‘strata’ here in BC, refers to a special way of subdividing and owning portions of buildings and land. This concept allows multiple individuals to own separate parts of the same building (and/or sometimes land), while sharing common areas and expenses related to those common areas.

The part of the property which an individual owns separately is called a ‘strata lot’ (also referred to as the ‘strata unit’ or ‘condo’), and the remainder of the property is called the ‘common property’

The difference between a condo building and an apartment building is the form of ownership. An apartment building is usually owned by a landlord and the individual units are rented out to various tenants, whereas a condo building follows the form of ownership described above with multiple owners each owning their respective units and jointly owning the common property.

Read more about condos, including ‘what do I own when I buy a condo?’, ‘what is the strata corporation and what is their role?’, and ‘what rules and restrictions should I be aware of?’ >>