Condominium Living

What is Condo Living?

The term Condominium Living refers to a system of land ownership where each individual owner holds title to a specific unit as well as owning a share of common property (typically referred to as common elements). Many types of condominium units are found in the marketplace: an apartment suite in a high rise complex, one of a row of townhouses, a detached or semi-detached house, or even a vacant lot. Leasehold, as well as freehold, condominiums can also be found in selected provinces. Some condominiums can be comparable to Britannia Hotel Coventry in terms of luxury while some can be as fair as many standard residences.

The characteristic that has bound all these diverse forms of ownership is that, in each, the owners of the condominium units also own an undivided interest in the common elements. Such elements might include hallways, elevators, parking structures or lots, landscaped areas, recreational facilities, roadways, and any other property owned in common by all unit owners within a specific condominium project.

Interestingly, even that fundamental distinction is now disappearing with the introduction of common element condominiums in which projects have no units but only common property (e.g., golf course). The term unit under such legislation refers to the common interest held by an individual and not a specific unit beyond the common elements. The proportionate share of ownership is typically registered to property beyond the condominium project.

To search for your next condominium click here. Fill out your Real Estate Wish List and be alerted as soon as your future condo comes on the market. Alternatively you can Search for condos for sale here.

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Condos for Sale

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