What Is a Condominium?

A condominium, otherwise known as a condo, is a residential building in which apartments or townhouses are individually owned as pieces of real estate. A condominium unit could be a suite in a building, a townhouse, or even a detached house. Each unit has a legal description based on the space it occupies.

The condominium corporation manages the condominium and the land. The unit owners elect a Board of Directors to oversee the decisions made by the corporation that owns the structure, including its financial decisions.

There are various types of condominiums in Ontario, including:

Common Elements Condominiums

With this type of condominium, there are no specific units, you own the land and the building(s) on it as freehold. You also have a percentage interest in the common elements, such as roads, facilities, and recreational centers.

Phased Condominiums

Phased condominiums are built in phases. As each phase is built, it is added to the existing condominium corporation. Some of these phases could include new units or even new recreational facilities.

Leasehold Condominiums

Leasehold condominiums are where you own a unit and a share of the common elements associated with the building where you lease the land where it is built. The initial term of the lease must be between 40-99 years and the owner of the unit has the freedom to sell, mortgage, or lease the unit without the Landlord’s consent.