1. Condominium

2. Condominium versus Freehold
A condominium is a fee simple ownership of a defined space within a multi-occupancy building such as a multiple dwelling in which portions used jointly (common elements ) are in common ownership with other owners
Buyer of a condo gains fee simple ownership of a single unit
It can be tenancy in common or joint tenancy
Buyer also has common interest / co-ownership interest in common elements (gym, stairs, pool etc.)
Interest in common elements is only tenancy in common and not joint tenancy

3. Condominium versus Freehold
Owners are required to pay maintenance fee for upkeep of common elements
This maintenance fee also contributes towards the reserve fund
Reserve funds are used for repairs and future development
Unit owners are personally responsible for condominium debts
These debts are incurred collectively by all condominium owners but in proportional shares

4. Condominium versus Freehold
Freeholds, Cooperative Buildings and Basements are not condominiums
An example of a freehold is a detached home in Markham where you hold both the land and the property, and there are no common elements

5. Condominium versus Freehold
A Co-Op is a kind of joint ownership whereby a property is owned by a corporation
Members purchase shares in the corporation
This gives them an interest in the property
You own a share in a unit because of which you are allowed to live in a specific unit as stated in an agreement
It is different to condominium because in a Co-Op, you own a share and not an actual unit

6. Purchasing a Condo & General Purchase Information
Green buildings are energy-efficient
10-day cooling period applies to new condominiums but not old condominiums that are being resold
Status certificate shows information about entire condominium building as well as individual unit being purchased
It mentions reserve fund, existing unpaid maintenance dues (for which you will be responsible after purchase)
Condominium by-laws can be changed by Board of Directors or through voting

7. Development Terms Real Estate market is impacted by tax policies
If work is pending start but permission is granted, work has not started
Once footing is done (foundation has been dug), housing starts
Housing that is not complete but has been absorbed is pre-sold
Housing that is complete but has not been absorbed is not sold
Absorbed means sold