| What Is a Condominium?
When people refer to a condominium, they are typically
speaking of a form of ownership as opposed to a place to make
a home. They are often thought of as being high-rise residential
buildings, but could be applied to townhouse complexes, individual
houses and low-rise residential buildings. In British Columbia
they are known as strata and in Quebec they are referred to
syndicates of co-ownership as opposed to the condominiums
in Kingston.
Condos consist of two parts. The first part is a collection
of private dwellings called “units”. Each unit
is owned by and registered in the name of the purchaser of
the unit. The second part consists of the common elements
of the building that may include lobbies, hallways, elevators,
recreational facilities, walkways, gardens, etc. Common elements
may also include structural elements and mechanical and electrical
services. The ownership of these common elements is shared
amongst the individual unit owners, as is the cost for their
operation, maintenance and ongoing replacement.
Each unit owner has an undivided interest in the common elements
of the building. This ownership interest is often referred
to as a “unit factor”. The unit factor for any
particular unit will generally be calculated in proportion
to the value that the unit has in relation to the total value
of all of the units in the condominium corporation. The unit
factor will tell you what your ownership percentage is in
the common elements and will be used in calculating the monthly
fees that you must pay towards their upkeep and renewal.
The creation of a condo is regulated by provincial or territorial
condominium legislation and municipal guidelines. It can be
created in many different ways. In some provinces, a developer,
or other interested party, may register a declaration to create
a condominium, while in others, an application may be made
to have title issued for the units pursuant to an “approved
plan of condominium.” The operation of condominiums
is also governed by provincial or territorial legislation
and the condominium corporation's own declaration, by-laws
and rules.
Once a condominium corporation has been established, a Board
of Directors, elected by, and generally made up of, the individual
condominium owners, takes responsibility for the management
of the corporation's business affairs. There is usually a
turnover meeting where this transfer of responsibility takes
place. Each unit owner has voting rights at meetings. Your
voting rights will generally be in proportion to your unit
factor.
Your Guide to Kingston Condos
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