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Most of the leasehold contracts started in 1974 and came into being after fair rent controls were legislated. A small group of rental apartment owners balked and instead sold their apartments as 99-year lease units in order to sidestep rent controls.
Unlike strata property owners and other long-term renters, the private contracts or leases that govern these leasehold arrangements don’t fall under any legislation or any provisions of the Residential Tenancy Act.
Overall, it’s a relatively small number. According to the province, there are only about 20 buildings with such leasehold arrangements and they shouldn’t be confused with other leasehold arrangements where strata owners and the strata own the building, but not the underlying land on which it’s built.
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From Vancouver Sun
https://vancouversun.com/news/local-...f-monthly-fees
Interesting, first time I've heard of this arrangement. Seems like a win win scenario for the owner, their children, and childrens' children.
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Originally Posted by idunno
there are no strata fees
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No fees to a strata but there are still monthly maintenance fees which effectively includes the property tax baked in, listings for this building have current fees at around $1.30/sqft.
It sounds like they are raising around $15-20 million in total with these assessments.
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