Condominium type of ownership is exploding in Canada.
2017-03-15
Recently the Greater Toronto Area reported nearly 50,000 pre-construction condo type of ownership were sold in the past two years. Up to 33,000 multi-family units planned for 2017. What are the reasons driving this change and demand? Skyrocketing home prices, changing demographics and greater acceptance of condo living. Condominium ownership is becoming more and more desirable.
Many questions come with the rise of condominium power of ownership.
With this tremendous growth comes questions about why condos were created? What their role is ? How management
What condo management can do inside your unit?
Condos usually don’t have anything to do with what goes on inside the individual unit, except when they enforce rules that affect neighbours. No blasting music at 2 am, for example. However, some condos have over the years begun to buy things inside units. This forces unit owners to pay for them. The examples are Cable TV, telephone and Internet services. When owners have given the condo board legal power to buy these services – by adding them to the condo “declaration” that gives the condo its powers – there is no issue. But when the condo is not clearly empowered, these choices are not its to make.
What should you and your lawyer watch for when reviewing condo documents?
At a time when condos are getting older and need their money for repairs, and with utility costs rising, condo boards simply should not make discretionary spending choices. Even if they think they are entitled to. Service providers are welcome to market their product and battle to win market share. However, forcing choice on owners, in their homes, is the wrong way to go. Good governance recognizes individual choice.