A leasehold interest in Canada is a form of property tenure where an individual purchases the right to occupy a building or land for a fixed, predetermined period of years specified in a ground lease contract, rather than owning the underlying land outright in perpetuity. While common in commercial real estate, leasehold residential housing also exists in specific housing co-operatives, urban condominiums built on leased municipal land, and First Nations reserve lands. Once the lease term expires, ownership rights revert back to the freeholder unless the lease is formally renewed.
1 votes
Marked as accepted