Apartments and Condos for Sale in Vancouver
Many people look to purchase Condos and Apartments in Vancouver as a way to get into the real estate market, and some purchase because they like the lifestyle of condo living, and this enables them to live closer to Vancouver or the surrounding metro areas. Others choose to purchase when they are downsizing from a house, maybe their kids have left the family home, and they have too much space! A couple of things you should be aware of when you are looking to purchase Vancouver Apartments and Condos for Sale:
By law in BC, buildings that contain more than four units must have a Strata Corporation A Strata Corporation subdivides the property in question into individual units that can be purchased and sold by different individuals. They also share the common property – depending on the particular Strata, this could include common walkways and areas such as the entrance lobby, laundry areas and amenity areas. In BC there are around 30,000 strata corporations. As a generalisation, a Strata Corp can make decisions on behalf of the owners with regards to the building, such as approving maintenance items, levying the owners for funds to undertake projects, or change the rules and regulations pertaining to the building.
Leasehold Land in Vancouver
A leasehold property is one where the owners do not own rights to the land on which the property is built on. That means the owners are currently leasing the land from someone else. This could be the crown, a university, native band or even a school board. The land would have been leased to the person who initially developed the building, and in Vancouver this could have been recently – in the case of the new developments up at SFU in Burnaby, or some time ago, with buildings in the West End of Downtown Vancouver that have been leased by the City.
In terms of financing, typically leasehold properties are harder to finance, usually those that do not have much time remaining on the lease, if we examine a case of a leasehold property in the West End, let’s assume that the lease is up in the year 2023. With 10 years remaining on the lease, lenders will not be keen to give you a mortgage with a 30 year amortization, as the future of the lease maybe uncertain. Hit up an expert, such as one of our fantastic team members for more details!
Co-Op Properties in Vancouver
While finding Co-Op properties in Vancouver will be less common on your search for your next Apartment or Condo, you might still come across some advertised, and you need to know about them, and what this ownership structure means to you as a purchaser.
When you purchase in a Co-Op, you are purchasing shares in a company which has ownership of the entire property. The company gives you the right to occupy a specific suite in the building.
Financing is very hard in these situations, as the bank has little to no security for the loan. Finance options are possible, but require specialist advice. Give us a call or leave us a message to discuss.