"Freehold" refers to the form of property ownership where the buyer owns both the building and the land it sits on outright. When you purchase a freehold property, you are not paying ongoing fees to a landlord or condominium corporation for maintenance or ownership of the structure or the land itself. Your ownership is registered on title and continues indefinitely, subject only to laws, zoning, and municipal regulations. Simply put, "freehold" is what most people mean when they say they "own a property."
Freehold properties most commonly include detached homes, semi-detached homes, townhouses (non-condo), and rural properties. As the owner, you are responsible for all maintenance, repairs, insurance, and property taxes. You also generally have more freedom to renovate or modify the property, provided changes comply with local bylaws and building codes in Ontario.
It’s important to note that some properties may be listed as freehold but still have a condominium element and ongoing payment, via a common elements condominium corporation. We'll look at that next week.
This content was generated with some AI contribution reviewed/edited for accuracy.
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