Types of Condominiums: Part 1 - Overview

The article titled "Types of Condominiums: Part 1 - Overview" offers readers a comprehensive introduction to the various types of condominiums permitted in Ontario, Canada. The author emphasizes that determining the type of condominium is not dependent on the physical appearance or use of the property but rather requires a careful review of the declaration or conducting a title search.

The article highlights that condominiums created prior to May 5, 2001, are commonly referred to as standard condominiums. Conversely, those established after this date can be classified as either freehold or leasehold condominiums. Freehold condominiums are further categorized into different subtypes, including standard, phased, vacant land, and common elements condominiums, each with distinct variations in terms of maintenance responsibilities, repair obligations, and insurance coverage. It is worth noting that despite the term "freehold condominium" being widely used, the majority of condominiums in Ontario fall under this category. Thus, the author suggests employing more accurate terminology, such as "whole lot," "lot line," or "modified unit boundary condominiums," to describe these properties more precisely.

In the case of leasehold condominiums, the article acknowledges their rarity and explains that these types of condominiums operate under the premise of leasing the land rather than owning it outright. Consequently, owners possess a leasehold interest in their units, and the duration of the lease typically spans between 40 and 99 years. Notably, leasehold condominiums come with unique considerations, such as the requirement for owner consent when amending the declaration or terminating the condominium.

In summary, the article provides readers with a comprehensive overview of the different types of condominiums found in Ontario, including freehold and leasehold categories. It delves into the subtypes of freehold condominiums, underscoring the importance of accurate terminology within the industry. Additionally, the article sheds light on the relative rarity of leasehold condominiums and the distinctive aspects such arrangements entail.