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Guelph, ON N1H 6N6

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265 Bridge Street
Fergus, ON N1M 1T7

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Fergus, ON N1M 2W7

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Dec 11, 1999 | Article

Condominiums of all Shapes, Sizes and Forms

Introduction

In the 1960’s condominiums were a novel alternative for home ownership. Today condominiums account for 33% of all new homes built in Ontario. The ‘rise’ of condominiums has many reasons, most notably, rapid urban growth.

Condominiums have become so widespread, they have literally blended into the fabric of our towns and cities. As with their numbers, condominiums now come in various shapes and sizes, only defying the creativity of their builders. High and low rise, town-homes, duplexes, row homes, detached & semi-detached condominiums dot the landscape. Even their application defies uniformity, as they can serve the residential, commercial and industrial segments with ease. These condominiums, however varied, traditionally shared one major similarity. Until recently, they were all ‘standard condominiums’, comprised of units owned by unit owners, with appurtenant common elements owned by the condominium corporation at large, of which the units owners were ‘shareholders’ of.

Like our province’s urban growth, even the ‘traditional model’ of a condominium, is undergoing change. Like their physical variations, The Condominium Act, 1998, S.O. 1998, c.19; (“the Act”), now permits four new types of condominiums. With these changes condominiums now come in many shapes, sizes and now, forms.

Condominiums are now divided into two categories being ‘freeholds’ and ‘leaseholds’, with the majority of condominiums falling into the former. Freehold is a legal term that means that the owner owns his or her land absolutely and without a fixed duration. Leasehold means, conversely, that absolute ownership is not conveyed and there is a fixed duration to the use.

To view the entire article please click the pdf link below.
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SmithValeriote Law Firm LLP has 30 lawyers servicing the province of Ontario including the communities of Waterloo, Kitchener, Fergus, Cambridge, Elora and Guelph.

Smith Valeriote - Map to Guelph Offices

Guelph Office

105 Silvercreek Pkwy. N.
Suite 100 Guelph, ON N1H 6S4

Phone: 519 837 2100
Fax: 519 837 1617

Toll Free: 1 800 746 0685

Email: guelphinfo@smithvaleriote.com

Smith Valeriote - Map to Fergus Offices

Fergus Office

265 Bridge Street
Fergus, ON N1M 1T7

Phone: 519 843 1960
Fax: 519 843 6888

Toll Free: 1 800 746 0685

Email: fergusinfo@smithvaleriote.com