Most people are well acquainted with traditional home ownership, called freehold or in legal talk, fee simple. You own the house and the yard and are pretty much at liberty to do as you please with your property so long as you obey the local bylaws and don't bother your neighbours. You are responsible for doing your own maintenance and repairs and can decorate inside and out to your own taste.

 Condos or condominiums are a little different. They come in many shapes and sizes. There are high-rise apartments, low-rise apartments, townhouse condos and detached condos and more. You own your unit, which may be an apartment, townhouse or detached home, along with possibly a locker and one or more parking spaces. In some condos you may not actually own your parking spot or locker, but have exclusive use of them. Here is where the condo difference kicks in. The outside grounds, hallways, outside of the buildings, gym, pool or other recreational facilities are owned by the condominium corporation. These are called ‘common elements'. All condo owners in the complex have an equal interest in these facilities, but no one can say they ‘own' a specific part. These are maintained and repaired by the Condo Corporation or the management of the complex. Each owner pays a monthly maintenance fee. This is usually based on square footage of their owned unit. This fee normally includes common elements, and may include your hydro, water, heat, parking, CAC, building insurance and in some cases your cable. Part of the fee will also go toward the Reserve fund. A well run condo will have a good reserve fund. This covers major repairs, such as the crack which has suddenly appeared in the lowest level of the parkade or will fix the roof leak or any other surprise that might arise.

In short, condo units are owned by the homeowner, but the outside is shared and maintained by the condo corporation.

This by no means covers all there is to know about Condominiums, but is a basic start to understanding them. A good Realtor^(R) will know the ins and outs of Condos and will guide you through what you need to know when purchasing one. A Realtor^(R) can even help you purchase a new, soon to be built condo. If you have any questions, please contact me, I would be happy to help.