Sunday, March 28, 2010

So What Exactly Is A Condominium, Anyway?

Over the years, the word "condominium" has become the generally accepted term to describe a unit or suite in a low- or high-rise residential building.  "Condo" is often used synonymously with "apartment", and for many, a home high up in the sky often comes to mind.

What many people may not realize however, is that "condominium" or the more technical term "condominium corporation", simply describes a legal form of ownership - individual ownership of a unit in a multi-unit building or complex, along with proportionate shared ownership of common areas and amenities.  As such, condos come in many shapes, sizes and forms: from residential high-rise units to mid-rise lofts; townhomes and semis to detached multi-storey homes and bungalows.  Even commercial  units or private driveways can be condominiums.

Interesting, huh?  Just a little something to think about next time you hear the word "condo"!