Condo Neighbourhoods

Buying a high-rise condominium is like moving into a vertical neighbourhood; you'll see other residents in the lobby and the elevators, and will have neighbours on the other side of your walls, and floors and ceilings. Ask residents whether they hear bathroom, kitchen or other noises from adjoining units.

What type of condominium is this and what are my responsibilities? The term "condominium" most often means a unit in a large building containing many other similar units, whether highrise, or townhouse units. You own the inside of your unit, and the Condominium Corporation owns the structure of the building and the property on which it stands. These are maintained by the Corporation, which charges you a monthly Common Element Fee for all the services that are provided by it.

But it could also mean a house or townhouse where you own the house inside and out, and may even own the lot on which the house sits; this type is often called a "street condominium" or a "freehold condominium". The access road and the property outside of the lots of the individual owners is owned in common with the other residents, and you all share in the cost of upkeep, which includes road and sewer repairs, grass cutting, and snow clearing.

Why is the present owner selling? Ask if there is a large assessment soon to be imposed on the unit owners to replace a roof or other component that wasn’t in the budget. This would be an expense that you couldn't avoid.

Who are my neighbours? Look at the residents of the condominium. If you feel compatible, this could be a comfortable location for you.