What exactly is a condo and what does it entail
Thursday, Jul 09, 2026
A condo (short for condominium) in Ontario is a type of property ownership where you own your individual unit (like an apartment, townhouse, or even a detached home) plus a share of the common elements of the building or complex.
Here's what makes it distinct:
What you own:
- Your specific unit (the space within your walls)
- A percentage share of common areas like hallways, elevators, lobbies, gyms, parking garages, and outdoor spaces
- A condo is, in its basic form, shared accommadation within the same building. You do not own the entire building, just a share of the building
- All of the common areas are shared with the other occupants. The occupants are free to use the common area amenities within the confines of the condo rules
- The condo is like a confined community where the occupants live together in harmony. In contrast to a detached where a community is typically a neighbourhood
How it works:
- You pay monthly condo fees (maintenance fees) that cover upkeep of common areas, building insurance, amenities, and sometimes utilities
- You share the costs of maintaining all of the items covered in the condo fee with the other occupants. Think of the other occupants as your roommates as you are sharing the costs
- A condo corporation (managed by a board of directors elected from owners) governs the property
- The condo corporation manages the financials and the contracts with a manager, who will provide the services to maintain the building
- You must follow the corporation's rules and bylaws
- You're responsible for what's inside your unit; the corporation handles the building exterior and shared spaces
Common types in Ontario:
- High-rise or low-rise apartment-style condos
- Condo townhouses
- Freehold townhouses with shared elements (a hybrid)
Key considerations for buyers:
- Review the status certificate before buying—it shows the corporation's financial health, reserve fund, pending issues, and rules
- Condo fees can increase over time, especially as the building ages
- Special assessments may be levied for major repairs if reserve funds are insufficient
- You have less control compared to freehold ownership, but also less maintenance responsibility
Condos are popular in the GTA because they often offer more affordable entry points and low-maintenance living, especially in urban centres like Toronto and Mississauga. If you're considering one, I'd recommend digging into the financials and governance closely—happy to walk you through what to look for.
