Lately we have seen a substantial jump in the interest in condominium apartments in particular in Waterloo Region. But did you know that condominiums are not just apartment style homes? They may also be townhomes or single-detached homes as well.
The term condo or condominium is often mistakenly used to describe a style of home but really what it is describing is the form of ownership. The opposite of a condominium ownership is freehold, where you own your own home independently and do not share amenities or common elements with others.
So what is condo?
It is a group of individually owned homes that are surrounded by common areas that are shared. These homes are owned outright and the owners also share ownership of common areas such as hallways, and amenities such as pools and rooftop patios. These areas are managed by the Condominium Board as well as a condominium management company and a condo fee is paid by each homeowner to support these shared costs. To learn more, watch my video below: