Given how Vancouver’s real estate market is behaving at present, it is not surprising why a lot more people think it better to buy a condo unit than buy a house of their own. True enough, it is estimated that in 2013, more than a million Canadian households owned at least one condominium, either for living or rental purposes. If you want to follow suit, then you should be aware of the various types of condos you’ll find in Vancouver.
First things first: according to the Canada Mortgage and Housing Corporation (CMHC), a ‘condominium’ isn’t a specific type of building, as the term also applies to low-rises, townhouses, and even single-detached homes. To simplify your options, the CMHC classifies condos into new, resale, and conversion condominiums.
New condos are exactly as their names imply. These buildings are brand-new, which typically means you get to customize a particular unit. Resale condos, on the other hand, have already been occupied, although they also give you an opportunity to meet with the tenants and the condo association to get a better idea of what you’re buying. Conversion condos, meanwhile, are buildings that were previously used for commercial purposes before being transformed into residential units.
The CMHC also classifies condos in terms of ownership. If you buy a freehold condo, for example, you’re also paying to own the land the building sits on. In contrast, a leasehold condo is still owned by the developer, and you’re only paying for limited ownership.