Dwelling units that are attached to each other on at least one side, possibly divided from one another by firewalls or other physical partitions. This includes most Strata properties like townhomes, rowhomes, condominiums, and apartments.
Strata title is a form of ownership devised for multi-level apartment blocks and horizontal subdivisions with shared areas. The 'strata' part of the term refers to apartments being on different levels, or "strata".
In a nutshell there are a number of owners in a strata that form a strata corporation and collectively own common assets.
If you own a strata property the common assets would include your hallways, elevators, lounge areas, fitness facilities and some parts of the parking garage.
Every Strata forms a council, and is elected by a ¾ vote of 1 owner per unit. Most Strata corporations hire through contract a Strata Management company to establish and enforce Strata bylaws and and the operation of the property.
Some people have the wrong impression that Strata binds owners of rules and regulations without freedom, but these rules are actually established by owners. As a Buyer you have the right to read through all Strata documents of a property before you purchase. This gives you the right to choose which strata is best for you. British Columbia has a Strata Law Act that regulates what is required by all corporations.
The Benefits of Strata Lifestyle
Many people choose to live in Condominiums, town homes or Row homes because it is just easy. Usually, there are trades contracts in place to care for the common areas, partial utilities are covered, possibly a caretaker or concierge exists and this provides less to worry about as an owner. Some owners feel they are more secure when they have closer neighbours or for smaller families it can provide a sense of community. Many enjoy the amen ties it can offer, like having a pool or gym right downstairs! Definitely no excuse to not being able to live a healthier lifestyle.