July 24, 2015

What is a Condominium?

A “condominium” refers to a form of legal ownership. Buyers purchase private dwellings in condominium buildings called “units”, and each unit is registered in the buyer’s name. The buyers of individual units share ownership of the common elements and assets of the building and community. Property owned under condominium tenure can be of any structure type.

Property Owned Under Condominium Tenure Can be of Any Structure Type

High-rise and stacked townhouse condominium units in Durham Region, Ontario.
Credit: William Baynes

Condominiums can be:

• low-rise or high-rise residential buildings;
• townhouses or rowhouses;
• duplexes or triplexes;
• single-detached houses; or
• vacant land upon which owners may build.

There are mixed-use condominiums that are partly residential and partly commercial buildings.

Owning a condominium differs from owning a conventional home in a number of ways. Condominium owners have specific rights and responsibilities and are subject to rules that vary from project to project. To inform consumers and help them decide whether condominium ownership is right for them, we publish a range of information, including the Condominium Buyer’s Guide. It includes information on:

• How condominium ownership differs from other forms of homeownership;
• How condominium corporations are run and rules that govern day-to-day condominium living;
• The pros and cons of condominium ownership;
• What to look for whether you’re buying a new or a resale condominium as well as the costs you need to factor into your budget;
• Checklists, tips and FAQs;
• A glossary; and
• Provincial/Territorial fact sheets which provide information specific to each province and territory.

See the full condominium article (PDF), updated July 2015, based on the 2013 Canadian Housing Observer condominium chapter