What Is a Condominium?
Condominiums now account for about a third of all new homes built in Ontario and likely much higher than that here in the Collingwood – Blue Mountain areas. All condominium projects are made up of two parts: the common elements which are jointly owned and, the units which are individually owned.
The term condominium applies to a form of property OWNERSHIP rather than to a physical STYLE of building. They can be townhomes, apartments, industrial/commercial units, detached houses or any other physical structure. What makes them condominiums is that the owners of all the units agree to share in the ownership and maintenance of the common elements of the property. Typically these may include roads, grounds, recreational facilities and sometimes common roofs, walls, etc depending on the project. There are also other types of condos such as Vacant Land, Leasehold, Common Element and Phased Condominiums.
A condominium corporation is created to manage the affairs of the community and these are regulated under the Condominium Act. Specifics of individual corporations and unit ownership are outlined in something called the Declaration, Description, Bylaws and Rules. These documents set out boundaries of units, they describe common elements, they outline the conduct of the management of the corporation as well as the rules. These are managed by a board of directors of the condominium corporation to which all owners belong.
We have dozens and dozens of condominium projects in the Collingwood – Blue Mountain areas and each has different nuances, assets, challenges, resale values, policies and so on. Needless to say, it’s very important to know all of these variations, rights and obligations before you commit to a firm purchase agreement. Yup, that’s where I come in!