Types of Home Ownership
Freehold ownership means that you own the land and house outright, with no space co-owned or co-managed with owners of adjacent homes. You are also solely responsible for the maintenance and upkeep of your property, and the property taxes associated with it.
Detached and semi-detached homes, duplexes and townhouses are usually owned freehold.
(called “Strata” in the province of British Columbia)
Condominium ownership means you own the individual unit you live in, and share in the ownership of common spaces. Common spaces can be within the building (e.g. corridors and foyers), the grounds around the building, and any shared amenities (e.g. swimming pools, recreation rooms).
You are responsible of the upkeep of your unit, including property taxes, and pay a monthly “condo fee” towards the costs of maintaining common spaces and amenities.
You and the other owners of units within your building manage the common areas through an owners’ association. The association makes decisions about using and maintaining the common space, and sets your condo fees.