Condos

 
  1. “Condos” are a form of legal ownership. An individual condo unit purchase includes the purchase of corporation shares. The shares are proportional ownership of the complex, which includes it’s assets and liabilities.
  2. There are 2 types of condos. Conventional condos are defined by their walls and bare land condominiums have their boundaries marked on land. The condo plan specifies the type of condo and the size of each unit.
  3. Provincial legislation regulates condominium corporations.
  4. Who buys condos? Anyone. Condos can be affordable or luxurious. They may be residential, commercial or recreational. They typically provide additional security and less maintenance than individual ownership.
  5. Common space is the area not individually owned and is owned and maintained by the corporation. Portions of the common areas may be allocated to owners for their exclusive use such as parking stalls or balconies.
  6. Bylaws are the rules of the corporation. The volunteer, elected board of directors uses the bylaws to govern the corporation. Bylaws also clarify the behaviors expected by the owners.
  7. The board of directors hire a management company which provides general maintenance, administrative services and the collection of fees.
  8. Condo fees are paid by each owner and used to pay the expenses of the corporation and to the reserve fund of the corporation. Each owner is assessed condo fees according to their unit factor.
  9. A reserve fund holds money for future major repairs. A reserve fund study is required every 5 years to assess the corporation’s assets and their condition. If the reserve fund is underfunded, and there is a major necessary expense, a special assessment is issued to the owners.
  10. Municipal property taxes are assessed on each unit and titled parking stalls.

Additional resources:  Condominium Property Amendment Act , Consumer Tips for Buying and Owning a Condominium Property, Condominium Buyer’s Guide