What is a Leasehold?
"In leasehold condominiums, you own a unit and a share of the common elements, subject to the ground lease of the property on which the units and common elements are constructed. The initial term of the lease must be between 40-99 years and the owner of the leasehold unit can sell, mortgage, or lease the unit without the consent of the landlord."
Essentially the way it works is that a person/company/organization owns the land and leased the land to the developer of the condo for a preset amount of years. You are buying the rights to occupy that suite for the remainder of the lease as well as a portion of common property.
NOTE: Most leasehold condos in Vancouver require a minimum down payment of 25%