A form of property ownership in Ontario where individual owners hold title to their specific unit (such as an apartment or townhouse unit) and share ownership of the building’s common elements (lobbies, hallways, parking, amenities) with all other unit owners through a condominium corporation. Condos are governed by the Condominium Act, 1998 (Ontario) and managed by an elected board of directors. Buyers must review the status certificate before purchasing.
Synonyms:
condo|strata