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ARTICLE · 07 SEPTEMBER 2022

Closing Down The Condo: When Developers Want In And Owners Want Out

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It is becoming more common for condominium owners to consider terminating a condominium in order to recover capital and (potentially) make a profit. In this post, we address...

CanadaReal Estate and Construction
Craig Garbe
Craig Garbe
Leonard Gangbar
Leonard Gangbar
Andrew Jeanrie
Andrew Jeanrie
Natalia Iamundo
Natalia Iamundo
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It is becoming more common for condominium owners to consider terminating a condominium in order to recover capital and (potentially) make a profit. In this post, we address some of the key points that condominium owners, condominium board members and prospective purchasers of condominium lands should keep in mind when planning the termination of a condominium and sale of the entire condominium land for redevelopment.

Background

Historically speaking, condominium development is a relatively new phenomenon. Freehold and leasehold tenure has existed for centuries (or millennia, depending on how picky you are with your definitions), but it wasn't until the 1960s that Ontario statutes allowed for the unique form of land ownership that we now take for granted—collective ownership of certain common areas which is (typically) coupled with individual ownership of a specific defined area.

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