What's a Condo?
The word “Condominium” refers to a type of home ownership, whereby an individual acquires ownership of the interior of a unit, together with an undivided interest in the common elements of a building and a Condominium Corporation. Condominiums are regulated under an act of the Provincial Legislature. Each Corporation has a Declaration, By-laws and Rules and Regulations, which govern the use of the Units and the Common Elements.
The cost of necessary service repairs and improvements is borne by all Owners in accordance with their respective share of the Common Elements, as defined in the Declaration. For this purpose, the Board of Directors of the Condominium establish an annual budget with each Owner being responsible to pay, on the first day of the month, one twelfth of the annual Common Expense Fee for their Unit as stipulated in the Budget. To read more, click here.