Condominium living is exploding in Canada. CMHC's fall
report for the Greater Toronto Area reported nearly 50,000
pre-construction condo units were sold in the past 2 years, with up
to 33,000 multi-family units expected for 2017. Skyrocketing home
prices, changing demographics, and greater acceptance of condo
living are all driving this change. With this tremendous growth
comes questions about why condos were created, their role and how
management, the board and owners ought to interact.
A condominium is a specific kind of corporation that manages a
property with a number of "strata" units. Individual
owners control everything inside the "strata" units, and
pay maintenance fees to fund the condo's expenses. The condo,
by contrast, maintains and repairs the common property, which is
everything outside the "strata" units.
