A form of home ownership that enables you to own a unit in a similar manner to owning a single family house. Condominiums are buildings in which the owners own the space inside the interior walls, floors and ceiling of their unit, but jointly own an interest in the common elements, together with the other owners in the condominium.

Common elements are comprised of various components that are jointly shared and owned by all the suite owners who purchased in the condominium project. Typical common elements include: mechanical, electrical and plumbing distribution systems; elevators, corridors and stairwells; roof assembly; building envelope (exterior brick, precast, window panels); parking garage structure and amenities such as a party room, fitness studio, landscaping and entrance.

Exclusive use common elements refer to common elements such as balconies, patios and/or private terraces that are solely used by the suite owners and are therefore reserved for their exclusive use. The Condominium Corporation and its agents have the right to access common elements and exclusive use common elements via your suite, for the purpose of conducting the Corporation’s business.

A Condominium Corporation’s declaration, by-laws and rules may contain guidelines about making modifications to your unit or common elements (such as requiring notice to the board, restrictions on design, d cor, materials to be used, restriction on days or times when renovations are permitted, etc.). We suggest you review building specific policies with your Property Management or Condo Board.

Tarion is a not-for-profit organization that administers Ontario’s new home warranty and protection program. Its role is to ensure that purchasers of new homes receive the warranties and protections, provided by their builder and backstopped by Tarion, that they are entitled to by law.

A Pre-Delivery Inspection (PDI) consists of a walk-through and visual inspection of your suite. It provides you, the homeowner(s), with an opportunity to view your new home prior to taking occupancy, and to document any pre-possession damages or missing items you notice. You should also verify that all upgrades and specific selections you made during your colour selection are installed.

The CCP states your home’s enrolment number with Tarion and the date of possession, which is also the start date of your statutory warranty. You will be given digital copies of the completed PDI form and the CCP form for your records.

A member from our Customer Care team, in accordance with your Agreement of Purchase and Sale, may enter your suite to escort trade partners for the completion of deficiencies noted from the PDI of your suite. You will be notified by email or phone call prior to a service call.

Many deficiencies are aesthetic and can be addressed immediately and corrected prior to occupancy. In many cases, timing is subject to the availability of our trade partners. Contractors must first fulfill their contractual obligations by returning to correct any deficiencies. Priority will be given to deficiencies of an urgent nature.

Also known as interim closing, your interim occupancy period begins the day you occupy your suite and ends the day you take ownership from the developer. During interim occupancy the building is typically still under construction and most of the common elements and amenity spaces are not yet finished. During this time, residents occupying their suites pay a monthly occupancy fee to the developer. These fees are not credited to the final purchase.

The interim occupancy fee is a payment made by the Purchaser to the developer during the interim occupancy period; that is, from the date of occupancy until final closing, at which time the full amount of the purchase price is paid and title is transferred. According to Tarion, the occupancy fee is based upon the total of the following amounts:

Mortgage Interest: The amount of interest calculated on a monthly basis on the unpaid balance of the purchase price at the prescribed rate pursuant to the regulations set out in the Condominium Act.
Taxes: An amount reasonably estimated by the Vendor for municipal taxes on a monthly basis attributable by the Vendor to the real property.
Maintenance Fee: The projected monthly common element expenses for maintenance and utilities as described in the budget portion of your documents.

The maintenance fee covers your share of all expenses pertaining to the common element areas, including amenity spaces, building staff wages, common area, utilities, and landscaping. Maintenance fees are paid to the Condominium Corporation, and don’t include cable or telephone service.
Please Note: Hydro, thermal and hot & cold water are separately metered.

Registration refers to the formal creation of the Condominium Corporation. The condominium’s declaration and description are registered in the land titles office following their approval by the requisite governmental authorities.

No, but construction of the building has to be substantially complete.

Final closing is the date upon which you will receive title to your unit, and officially become a homeowner. This occurs after the condominium is registered, and at that time, your lawyer will receive a deed/transfer of title to your unit as well as a statement of adjustments.

You own the unit from inside your interior walls, ceiling, and floors, and you receive a deed of ownership. You may have also opted to purchase a parking unit and/or storage locker unit. In this case you will also own these items as described in your deed.

You pay only your suite’s property tax and utilities from your date of occupancy and your share of the common elements as fixed by the municipal assessor.

Parking and locker units are legally deeded just like your suite, and changing or selling them will require the advice of an attorney. If you require a wheelchair accessible parking unit, speak with Property Management.

Insurance is required upon interim occupancy as well as after final closing to cover contents, liability, upgrades and improvements. The standard unit schedule provided with the disclosure documents and/or the registered documents can be used to determine the responsibility for repairs and insuring them.
Please contact your insurance agent for this coverage prior to taking occupancy. It is your responsibility, as a homeowner, to have homeowner’s insurance in place, even in a rental suite. The owner will have liability insurance and the tenant will need contents insurance. With these in place, plus your Tarion Warranty, you can sleep soundly knowing your home is protected from anything that may arise. You should discuss any additional coverage you may require with your insurance provider.