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. Read the article………..
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