Frequently Asked Questions
What is a condominium?
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.
Is there legislation governing condominiums?
Yes, the condominium Act was most recently updated in September 2001. It is an Act to facilitate the division of properties into part that are owned individually and part that are to be owned in common and to provide for the use and management of such properties.
What is the Condominium Corporation?
All owners constitute the condominium corporation, which in turn elects a Board of Directors.
Who sits on the board of Directors?
After the registration of the condominium, the board of directors shall be appointed amongst the owners of the unit at a turn over meeting. The Board consist of three members President, Treasurer and Secretary, two of which shall constitute a quorum.
Who sits on the board of Directors?
They supervise the operation of the condominium project, generally through a management company. This includes collecting common expenses, paying bills, arranging for maintenance, hiring staff, managing all income and expenses.
What record does the board of Directors Keep?
The Board of directors is required to keep minutes of it's meeting and audit record of all income and expenses.
Who maintains my unit?
You do.
Who the maintains the exclusive common elements?
You do.
Who the maintains the common elements?
The Management Company does so on behalf of the condominium corporation.
Should I insure my furniture, interior upgrades and other personal belongings in my unit?
Yes. These are not covered by the condominium's policy of insurance. In addition, you must insure for public liability and for any improvements you make to your unit.
Should I call 311 if someone is parked in my spot?
Yes.
