Condo 101 - How do I influence what happens at my condo?

 

All owners should attend any board meetings and read the minutes. Find out who the board members are and be able to contact them. The board hires the condo management company but you vote in and communicate with the board. Many large condo corporations may set up communication channels for different topics but that can not supersede your ability to speak directly to the individual owners you have elected to represent you.  Most condo buildings have Facebook or Next Door groups so residents can share information and build community. Find a group and introduce yourself! 

GETTING YOUR HOME READY FOR FALL

Under normal circumstances, putting your property on the market in the fall can be an overwhelming process, even for an experienced homeowner. This year may feel especially daunting given the unknowns surrounding the pandemic and market stability. 

  Article from REALTOR.CA.   Getting your home ready for Fall   

CONDO 101 - What is a condo board?

The owners of condominiums elect representatives to sit on the Board of Directors and make decisions for the building or complex. Their number, qualifications, election, term in office, removal from the board and other related matters are outlined in provincial legislation and the condominium bylaws. The board of directors regularly meet to decide on the business affairs of the condominium corporation and makes decisions about the upkeep and repair of the common property. This is all done with a set budget. The money to keep up the property is provided by individual owners who may monthly fees. The board of directors usually contract a professional property management company to handle the day to day operations such as cleaning and maintenance. A property management company may also manage the financial affairs of the condo corporation.  A property management company and their role should not be confused with the role of the board of directors. The board must continue to ensure that the those they hire uphold the expectations of the owners, all within the set budget, but also uphold the culture of the condo community. 

CONDO 101 - What is a condominium?

 

A “condominium” refers to a form of legal ownership, as opposed to a style of construction. A condo can be an apartment, a townhouse or even a single-family detached dwelling.  A condo owner owns their unit and a share of the common elements in the building or in the complex.  In an apartment building this can mean the lobby, the surrounding property, the rooftop and the amenities which can include a pool, a gym or a common room.  I once represented a builder who built beautiful single-family homes on a golf course - these were also condos and each owner owned a share of the golf course.  There are many deviations on the theme but it is important to remember that a condo is a legal entity and not a building shape or size. 

 

Toronto Star Article - Ask Joe - Get Expert Advice When Downsizing to a Condo

Downsizing to a condo is a popular trend and often a part of aging in Ontario.  All communities now offer some type of condo lifestyle.  A condo is a different legal entity than a house and it requires expert advice to help you understand your responsibilities and opportunities.