The ABCs of Co-Ownership Life
By definition, life in a co-ownership means sharing costs, responsibilities, and amenities with your neighbours. Here is an overview of condo life to help you determine if this lifestyle is right for you.
All for one and one for all
By definition, life in a co-ownership means sharing all costs and responsibilities related to repairs and upkeep. You will also be sharing amenities and common areas such as rooftop terraces, fitness centres, pools, etc.
As such, you will never be on your own when faced with work that needs to be done or decisions that need to be made and, just like every other co-owner, you always have a say in every decision. The condominium association works like a democracy, where every member has a vote, and the notarized declaration of co-ownership contains all the key rules for living in the condo building and is there to help avoid and resolve conflicts.
A space all your own
A condo is a divided property. That means you are the owner of a share of the building’s common areas (hallways, elevator, rooftop terrace) and share co-ownership expenses on a pro-rata basis—all while your condo or unit is for your exclusive use only.
Unlike an undivided property, your apartment has its own lot number (cadastre) and receives its own school and municipal taxes. You are free to sell or mortgage your property as you wish, and are in no way linked to your neighbours’ mortgages.
Enjoy urban life, every day
A condo building is also perfect for enjoying everything urban life has to offer. These are usually found in central areas of a city, located in walking distance to amenities, services, stores, and offices. When it comes to sustainable development, choosing densification over urban sprawl helps to limit the negative effects of car use while promoting the development of public services in your neighbourhood. Condo life is both a practical and responsible choice.
Living in a co-ownership enables you to:
- Share costs, maintenance, and responsibilities
- Take advantage of amenities and common areas
- Own property for less than the cost of a house
- Live in a central location
Things to keep in mind
Living in a co-ownership also means:
- Paying condo fees
- Respecting the co-ownership rules
- Making decisions as a group
- Living in close proximity to your neighbours