You may come across various types of strata corporations in your home buyer’s journey. Here’s what that can mean for you:
- Condominiums in Canada typically have a condo or strata corporation, responsible for managing the common areas, amenities, and shared elements of the building or complex. The corporation is usually governed by a board of directors elected by the unit owners.
- Co-operative housing associations are formed by groups of individuals who collectively own and manage a housing complex. Each member has a share and participates in decision-making processes.
- Some communities in Canada have homeowners associations or community associations similar to those in the US. These can help manage shared amenities, enforce community rules, and maintain common areas.