The Condominium property is made up of the units and the common elements. Those parts of the property that are not specifically designated as units are known as “Common Elements”. Accordingly, Condominium ownership has a dual nature; a Condominium unit owner has freehold title to his or her unit and, at the same time, shares jointly with other unit owners, the ownership of the “Common Elements”. The unit owners share the cost of operating the property through the payment of their share of the common expenses.

The Condominium Act, 1998, which became effective May 5, 2001, governs the ownership of both residential and non-residential Condominiums in Ontario.

The Condominium act, 1998, contains transition provisions. These provisions do not apply to Condominiums where at least one agreement of purchase and sale for a unit was entered into prior to May 5, 2001

The Act is divided into several parts:

* The development of Condominium Corporations;
* The “types” of developments permitted;
* The sales of Condominium units; and
* The Governance of Condominiums and the ownership of a Condominium

Buying and living in a Condominium is more complicated than in a single family home. You must understand what it is you are purchasing, and whether the lifestyle will suit you and your family. Once you do the proper investigations and make your decision, you will find that the advantages of Condominium living are many and you should find it a rewarding experience!