Owning a condominium goes beyond simply purchasing your unit—it includes a shared stake in the broader property and its amenities. While you gain full ownership of your individual space, you also hold joint rights to the shared facilities and the land beneath the development. Condominiums offer a practical path to property ownership without the burden of maintaining an entire house, but it’s essential to know what your ownership entails. This guide will explain the mechanics of condo ownership, outline your entitlements and duties, and help you assess whether this type of investment aligns with your goals.

When You Buy a Condo, Do You Own It?

Purchasing a condo does grant you ownership, though the nature of that ownership is distinct from that of a detached house.

You receive legal title to the interior of your individual unit, meaning you own everything inside its walls. However, ownership of areas such as the gym, lobby, pool, and hallways is shared with fellow residents of the community.

The upkeep of these shared spaces is handled by a homeowners’ association or condo board, funded by monthly dues collected from owners. While you’re free to sell, lease, or upgrade your condo within community guidelines, you’re also obligated to comply with established regulations and contribute to shared maintenance expenses. As an owner, you must carry a personal condo insurance policy in addition to paying into a shared insurance plan via association fees.

Who Owns the Land a Condo Is Built On?

The land beneath a condominium complex is jointly owned by the unit owners through the condo corporation. Each owner has an undivided share in the property’s land and communal spaces, with that interest proportionate to the value of their specific unit. These interests are often reflected in each owner’s property assessments and the association dues they pay.

In contrast, freehold condominiums offer a different arrangement where ownership includes not just the unit but the land it sits on. This affords greater autonomy in terms of managing the exterior of the property, which may appeal to some buyers despite the typically higher purchase price.

However, freehold condo owners assume full responsibility for exterior maintenance, including landscaping, painting, and structural repairs. Unlike standard condos, these owners must also handle their own property taxes without relying on a collective fund for these services.

Common Elements, Limited Common Elements & Private Elements

Condo ownership includes three distinct types of property: common elements, limited common elements, and private elements. Here’s what each category means:

• Common elements: Areas available to all residents and managed by the condo association.
• Limited common elements: Features reserved for specific units or owners, though still maintained by the association.
• Private elements: Spaces that are solely owned and maintained by an individual unit owner.

Common Elements

Common elements are facilities and spaces shared by the entire condominium community. All owners hold a collective interest in these areas, and their maintenance is financed through association dues. These features typically serve all residents equally.

Typical common elements include:

• Building entrances, corridors, and elevators
• Shared parking areas and driveways
• Recreational amenities such as pools and fitness centers
• Outdoor green areas and gardens
• Structural elements like roofs and exterior walls

Limited Common Elements

Limited common elements are spaces or components designated for exclusive use by a specific unit or group of units, though the responsibility for their maintenance generally falls to the association. These features offer added convenience or privacy to certain owners.

Examples of limited common elements:

• Private balconies or patios attached to particular units
• Reserved parking spots or garages
• HVAC systems, plumbing, or electrical units servicing a single residence
• Fenced areas assigned to ground-level condos
• Stairwells or entryways used by only a few units

Private Elements

Private elements refer to areas that are wholly owned and maintained by an individual condo owner. These spaces are legally part of the unit and do not fall under the jurisdiction of the condo board.

Examples of private elements:

• All interior areas within the unit, including ceilings, floors, and walls
• In-unit appliances and plumbing systems
• Installed cabinetry in kitchens and bathrooms
• Personal items and furnishings
• Interior renovations and enhancements performed by the owner

How Do I Learn About Condo Ownership Rights?

In British Columbia, it’s essential to examine the strata plan before buying a condo, as it clarifies which parts of the property are individually owned and which are shared. This legal document, filed with the Land Title Office, defines the boundaries between private strata lots and common or limited common property.

Prospective buyers can acquire the strata plan from the seller, a real estate agent, or the strata council itself. Reviewing the strata’s declaration, bylaws, and operational rules can also shed light on your obligations regarding upkeep and the use of communal areas.

To ensure clarity on what’s included with the unit and what obligations exist, it’s advisable to obtain a Form B Information Certificate. This form outlines details such as parking entitlements, storage allocations, and any relevant fees or restrictions. It may also indicate whether certain elements—like balconies—are assigned as limited common property to the unit.

For full confidence in your understanding of condo ownership, consult with a legal expert or real estate professional experienced in strata law and property transactions.

Apartment vs. Condo: What’s the Difference?

Due to their similar appearance and shared amenities, condos are often mistaken for apartments. However, the key distinction lies in ownership. An apartment is rented, while a condo is individually owned.

While both types of housing offer communal spaces and may be found in buildings of various heights, condos differ significantly in terms of ownership, leasing rights, and responsibility for upkeep.

Condo owners may choose to rent out their units, acting as landlords for tenants. They are accountable for the unit’s internal systems and features, though the condo board generally manages exterior maintenance and shared facilities. Owners are also required to pay association dues to fund these services.

Apartments, on the other hand, are rental units owned by property management firms or landlords. Renters are subject to lease terms and usually handle more maintenance inside their units compared to condo tenants.

Know What You’re Buying When Investing in a Condo

For first-time buyers, downsizers, or anyone seeking a low-maintenance lifestyle with access to desirable amenities, condos can be a smart real estate investment. However, before committing, it’s crucial to know exactly what you’re buying—and what responsibilities you’ll take on.

Understand which parts of the property you’ll own outright and what aspects fall under the control of the condo board. Carefully reading the governing documents of any condominium community will help you grasp policies related to maintenance, usage, and ownership expectations, ensuring an informed and confident home purchase.