In the evolving world of British Columbia home ownership, where affordability and community collide, strata ownership stands out as a cornerstone of urban living.

This is the third instalment in my series exploring diverse paths to homeownership in B.C. The introductory piece outlined key models, from fee simple freehold to leasehold and co-operatives and highlighted how each balances individual rights with communal ties. The second delved into fee simple, the gold standard of independent ownership, where owners hold unencumbered title to land and buildings, free from shared governance but picking up the tab on all maintenance.

I this column, I turn to strata ownership, the province's most prevalent multi-unit model, governing about 80% of condos and townhouses. Under the Strata Property Act, strata allows individuals to own a unit (a strata lot) while collectively managing shared spaces.

It's a system born of necessity in dense regions like Metro Vancouver, where vertical living maximizes scarce land. But strata isn't just about ownership, it's a pact of shared responsibilities, fees and foresight, where the perks of amenities come with the price tag of collective upkeep. As housing costs have increased over the decades, understanding strata's financial intricacies is crucial for buyers eyeing this accessible entry into the market.

At its core, strata divides property into private and common areas. Owners hold fee simple title to their unit— interior walls, fixtures, and appliances—but share undivided interest in "common property," such as hallways, roofs, elevators, and gyms.

"Limited common property," like a balcony or assigned parking stall, is tied to one unit but maintained collectively. The SPA mandates a strata corporation—a legal entity comprising all owners—as the overseer. Elected volunteers form a........

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