strata titled homes
own your home
There are 27 strata titled homes in Driftwood Village. 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 North Vancouver.
future resale
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.
*Driftwood Village includes 19 market units and 8 below-market units. Through a Housing Agreement with the City of North Vancouver and a covenant on title, resale of the below-market units is capped at 25% below market value. All below-market units have been purchased.
bc strata property act
As with all strata titled properties, Driftwood Village 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.
strata bylaws
Comprehensive information about our strata corporation is available for potential purchasers; however, some commonly asked questions are answered below:
Driftwood Village uses consensus as the decision-making method for council meetings, instead of relying on majority vote
All units are represented on the strata council, not just a few households
Driftwood is a pet-friendly community
Rentals are permitted
Smoking / vaping is not permitted anywhere on the property
“I’ve heard stories about people buying a condo and later finding themselves ‘stuck with a bad neighbour’ or the ‘strata council from hell’. But during the last three years of planning and building our project, I have gotten to know my future neighbours so well that I’m sure we can work together to solve whatever issues come our way in the future.”