As discussed in an earlier blog,
Introduction to Condominiums, there are many reasons for buying
a condominium ("condo") instead of a house. Condo owners
enjoy many of the benefits of home ownership, including individual
taxation and potential gain on resale, in many cases without the
burden of maintaining the exterior elements, such as mowing the
lawn or shovelling the driveway.
However, when purchasing a condominium, a buyer needs to be
aware that he or she has to accept the limitations of being a part
owner of the common elements together with the responsibilities of
being an owner of the unit. It is important that a
prospective condo purchaser receives adequate information about the
condo corporation and its finances before committing to the
transaction. The Condominium Act, 1998 provides
considerable protection to the purchasers of new condominium units
by mandating at law certain disclosure requirements. These
statutory requirements do not extend to resale
