01 Aug What is a condo or condominium?

A “condominium” refers to a form of legal ownership, as opposed to a style of construction. New Condominiums are most often thought of as units in high-rise residential buildings, but they can instead be: low-rise residential buildings,  townhouse or rowhouse complexes, stacked townhouses, duplexes, triplexes or single-detached houses.

Condominium is a unique form of ownership, Owning a condominium differs from owning a conventional home in several ways. Key differences include:

What do you own?

When you purchase a condominium in toronto, you own a private dwelling called a “unit.” Your unit is registered in your name. You also share ownership of the common elements and assets of the building and community.

What will you pay?

In addition to paying for your unit and a proportionate share of the common property, you also pay monthly condominium fees,  along with all of the other unit owners. This covers the upkeep and replacement of common elements — whether you use them or not. The fees may also cover the corporation’s insurance policies, utilities and services such as snow removal. Part of those monthly fees may be put into a reserve fund to cover the estimated cost of future maintenance and repairs.