With every passing year, condominiums make up a greater percentage of the Greater Toronto Area’s housing growth. While condominiums are normally thought of as luxury apartments in high-rise buildings, they are technically a type of homeownership rather than a physical structure. There are two main traits of condo ownership:
- Residents own both their individual unit as well as a portion of all shared features in the building-such as amenities and common areas of the building.
- Maintenance fees are also required, and are paid monthly.
Pros and Cons of Condominium Ownership
Condominiums include less responsibilities regarding maintenance and repair, and an array of building amenities. At the same time, this can also lead to you paying for amenities that you may not use regularly and having less control over when repairs are completed.
Condominiums may also have certain restrictions. These rules and guidelines will be decided by the local Condo Board, and a list of them will be available at the time of purchase.
The Canada Mortgage & Housing Corporation has published a full guide to condominium ownership, which can be found here.