Condos, Co-ops and Co-Ownership – Three choices for condo living

This article discusses the three options for individuals who desire to purchase a home and experience “condo living.” The City of Toronto prohibits conversion of apartment buildings to condominiums; however, co-ownership is a form of high-rise home ownership where condos are not allowed. The three options for individuals are purchasing a condo, a co-op, or co-ownership. Each option provides unique advantages. The most popular option is purchasing a condo, where you own your unit and receive a deed while sharing an interest in common elements with all condo corporation members. Choosing to purchase into a co-op means you own shares in a private company that owns the building and are provided with exclusive rights to occupy a specific unit. Co-ownership means owning a percentage of the building and receiving exclusive rights to a unit. All forms of “condo living” have a governing body, building management, common expenses and maintenance fees, and the right to sell, lease, or mortgage units without the consent of other residents or owners.