Let's start by clarifying the word Condominium as some people think it refers to a building. The legal definition is that it is a type or method of ownership. There are low or high rise condominium buildings and there are condominium townhouses. It is important to understand that the buyer is buying ownership to the interior space and all owners will jointly own the exterior and mechanical structures which are known as "common elements". Some common elements will be registered as "exclusive use" such as your balcony, patio, parking spaces, and lockers. It means that it will be exclusive to that home owner to use and they are not responsible for the maintenance of it. However, if the owner purchases a locker or a parking space, they will receive a deed for it and they will have the right to use it, rent it or sell it.
As far as living in a condo building community~it's a life style. It enables you to enjoy a home with an ease of maintenance within a resort like environment. In most buildings the amenities include security or concierge services, recreation or party rooms, games room, & various fitness facilities. For some people the choice is hightened due to the piece of mind of not having to worry about garbage day, snow removal, grass cutting and costly home repairs.
In Toronto, it was reported that 5025 condo apartment transactions took place in the forth quarter last year as per the Toronto Real Estate Board, if compared to Q4 in 2010 it increased by 10.5%. The average selling price Q4 in 2011 was $336,748 which is up 7% compared to Q4 in 2010. The majority of the sales occurred in Toronto at approx. 70% of the transactions and 2nd highest share came from the Peel Region.
If condo living is for you and want to see more details regarding this market click here to view the reports posted from The Toronto Real Estate Board.