Leaseholds BC - Understanding a long term residential lease

Understanding a long term residential lease in BC

Some residential properties in B.C. are long term leaseholds (leased housing) that can be bought and sold to the end of a contract. While commercial leaseholds are very common, residential leaseholds are not.

This type of lease is not governed by the Residential Tenancy Act (unless the leasehold owner has rented out the unit) or the Strata Property Act.

Freehold vs Leasehold

A Freehold property is one where the purchaser legally owns both the property and the land in which the property sits.

In the case of a leasehold, you only own your unit and the right to use the land. As a result, the price tag of a freehold property is significantly higher than that of a leasehold to reflect the difference in land ownership.

Learn more by visiting the BC Government website link here:

Leaseholds in BC

Leasehold Lawyer Contacts:

Robert Graham
League and Williams Law
(250) 888-0002
https://www.leaguelaw.com/

Nav Parhar
Infinity Law
(888) 385-6004 https://www.infinity-law.com/

Leasehold Mortgage Financing Contacts:

Fernando Zilli
Owner/Managing Broker Tribeca Mortgages DLC

(250) 896-0788
fernando@tribecamortgages.ca
www.tribecamortgages.ca

Terri McCambridge
Mobile Mortgage Specialist at TD Canada Trust
(250) 634-1632
terri.mccambridge@td.com

Jasvinder Mahajan
Mortgage Specialist at BMO
(250) 588-1313