Condominium Living

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The term Condominium refers to a form of ownership. A condo can be any kind of housing including; high-rise or low-rise apartments, townhouse or stacked townhouse, detached or semi-detached houses.

It is a self-governing community with rules and bylaws that direct their operation and business affairs.

Within the condo, you own your individual unit and you share in the ownership and expenses of maintaining the common elements. Common elements can include things like hallways, elevators, fitness facilities and grounds.

A condominium is run collectively by the condo unit owners, all of whom are members of the condo corporation. The condominium corporation manages the condo property, finances, official records, reserve fund study, contracts and all related matters.

Owners elect a board of directors to oversee operations. The board may hire a property manager to take care of day-to-day repairs and maintenance.

The Ontario Condominium Act governs the rights and responsibilities of condo developers, owners, corporations and boards of directors. It establishes a number of protections for condo buyers and owners.

As a condo owner, your rights and responsibilities differ from other homeowners. For example, you are entitled to vote at meetings of the condominium corporation and you are required to follow the condo’s declaration, bylaws and rules.

The declaration and description are among the most important documents you will review when you are buying a condo. Among other things, they provide a legal description of the condominium’s units and common elements. The declaration also determines your share of the common expense fees.

Since 1998, the year the Ontario’s Condominium Act came into effect, the condominium sector in Ontario has grown and experienced remarkable change. Condominiums in Ontario now represent half of all new homes built in the province and close to 1.3 million people in over 12,000 registered corporations in Ontario call a condo home.