Types of property in British Columbia
There are several types of property in British Columbia, Canada, including different types of ownership, property classes, and types of housing:
Freehold property
Also known as fee simple ownership, freehold property means the owner has complete ownership of the property and the land it’s built on.
Property ownership types
The most common types of property ownership in BC are freehold, strata title, leasehold, and cooperative.
Types of housing
Traditional types of housing in Canada include detached, semi-detached, condos, townhouses, duplexes, split-levels, and bungalows
Real property
In BC, real property refers to land and any permanent structures or fixtures on that land. The British Columbia Land Title Act governs the ownership and transfer of real property.
Property classes
Class 1 property in BC includes single-family homes, duplexes, apartments, condominiums, nursing homes, and more.
Limited common property
Limited common property (LCP) is common property that’s been designated for the exclusive use of one or more strata lots. For example, balconies and parking spaces may be LCP.
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