My real estate agent keeps mentioning "STRATA", what is a strata?

My real estate agent keeps mentioning "STRATA", what is a strata?

In British Columbia, a strata is a type of property ownership where individuals own a portion of a larger property, such as a condominium or townhouse complex. Each individual unit owner is called a "strata owner" and has both exclusive ownership of their unit as well as shared ownership of common property with the other strata owners in the complex.

The common property typically includes items such as hallways, parking areas, elevators, and shared amenities like pools, gyms, and gardens. The strata owners share the costs of maintaining and repairing the common property through monthly strata fees, which are determined by the strata council, a group of elected strata owners who manage the day-to-day affairs of the strata.

The strata council is responsible for enforcing the strata bylaws and rules, which govern the use of the common property and the behavior of the strata owners. Strata living can offer a convenient and affordable option for those looking to own a home without the responsibility of maintaining an entire property. However, it is important to carefully review the strata bylaws and rules before purchasing a strata property to ensure that they align with your lifestyle and expectations.

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