Own Your Home
There are 25 strata titled homes in LMC. As with any condo, each household purchases their own unit and a share of the common facilities. If a mortgage is needed, each household qualifies for their own personal mortgage. Each household is responsible for paying monthly strata fees to the strata corporation and annual property taxes to the City of Vancouver.
As with any strata titled unit, owners can sell their unit in the future for market value, and the owners choose who to sell their unit to. The community can provide marketing support (e.g. website listing and tours of community amenities) but the community does not ‘screen’ or ‘approve’ potential purchasers.
Strata homes in cohousing communities tend to have comparable market values to similar units in their neighbourhoods; however, very few other strata developments have the same level of common amenities as provided in a cohousing community.
Strata Properties Act
As with all strata titled properties, LMC falls under the BC Strata Property Act. As such, the community operates with a strata corporation, strata council, monthly strata fees, annual operating budget, and contingency reserve fund. Details are available to potential purchasers through a disclosure statement.
Comprehensive information about our strata corporation is available for potential purchasers; however, some commonly asked questions are answered below:
- All units are represented on the strata council, not just a few households
- LMC is a pet-friendly community
- Rentals are permitted
- Smoking / vaping is not permitted anywhere on the property