Buying Terms

Condominium units come in all shapes and sizes. They can be apartment-style residences in high-rise buildings, townhouses, lofts, or even detached houses. Owners are responsible for maintaining, repairing, and renovating anything within the boundaries of their condominium unit.

Common property can include landscaping, elevators, swimming pools, fitness centres, lobbies, plumbing, wiring, sprinkler systems, and furnaces. Common property is anything not contained within the boundaries of a condominium unit. Everyone who owns a condominium unit also owns a share of the complex’s common property and must pay condominium contributions (fees) to the condominium corporation to help maintain and repair the common property.

A board of directors is a group of individuals that run a condominium corporation. Board members are usually elected each year by the unit owners. Anyone who owns a unit is generally eligible to run for a position on the board of directors. Unless the bylaws say otherwise, at least 2/3 of board members must be unit owners or mortgagees (mortgage lenders).