What Is Leasehold Property in BC?

Leasehold property is real estate where you buy a lease that gives you the right to occupy a home for a fixed period. The leasehold landlord owns the land. In British Columbia, leasehold strata properties often have 99 year leases. The remaining lease term can affect the home’s value, financing and resale.

A leasehold owner does not own the underlying land. The lease sets the term, ground rent, permitted use, repair responsibilities, assignment rules and end of lease terms. A freehold property gives the owner title indefinitely, subject to registered charges and laws.