Quote:
Originally Posted by whitev70r
Can someone school me on leasehold townhomes/condos? Specifically False Creek. I know UBC is leasehold as well, what traditionally happens when the date comes of leasehold expiry. I know in theory, land owner can take back land but what usually happens? What happens if landowner renews?
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First off, leaseholds you can get a mortgage, address dependent, i.e., UBC/SFU is easier vs Ryan Road in Richmond.
As for False Creek, it's mainly owned by COV, and they're looking to extend leases 10-20 years extra.
Upon leasehold expiry, 3 things can possibly happen
1) lease gets renewed from anywhere up to 99 years
2) owner takes the land back and pays out market value on building value (not land value)
3) option to buy that piece of land (pretty rare)
This is a link to what COV is looking to do for the False Creek area. COV really wants to redevelop the entire area.
https://vancouver.ca/home-property-d...city-land.aspx