Wednesday, February 11, 2015

What Is A Condominium?

I'm at a dinner party the other night and a guest looking at buying a stacked townhouse was confused as to why it was considered a condo and why condo fees applied. So he asked me what exactly is considered a condominium in Ontario? I thought that might be a good topic to cover here.  

The term Condominium or condo applies to a specific type of property ownership, rather than to any distinct style of building or type of physical structure. Residential condos, for example, can be high-rise, low-rise apartments, townhouses, detached houses, stacked townhouses - any configuration of housing that you can imagine! 

What makes them "condominiums" is not their physical structure or attributes, but rather the way in which owners have agreed to share ownership of common property, while retaining individual ownership of the property which constitutes their own unit.

The provinces in Canada have exclusive jurisdiction regarding the legislation governing condominiums. In Ontario, the Condominium Act, 1998 governs condominium ownership. Here is the link to the Act:

Condominium ownership has a dual nature, whether it involves recreational, residential or industrial property. A condo owner holds negotiable title to his/her own unit and at the same time, shares with fellow owners the title and cost of operation of the balance of the property constituting the condominium.

For more information on condominiums and condominium ownership, contact us by email using the right side menu or call us at 416-322-8000. 

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