More and more homebuyers are turning to condominium living - not just for affordability, but as a lifestyle choice. For those of you new to the condo market, we've provided a helpful overview. A strata property owner has legal title to his or her unit plus a fraction of the common areas - hallways, gardens, parkade, and any amenities.
Owners are responsible for maintaining their unit, and pay a monthly fee for upkeep of common areas.
Most Strata Corporations hire a property management firm to handle maintenance, but some smaller complexes are self-managed. Strata ownership requires balancing your needs and wishes with those of your neighbours. If you like loud music and big parties, you may run into some challenges. Look for a strata complex where residents have similar lifestyles to your own. Look for a building with a healthy contingency fund.