Thinking About Buying a Condo?

Posted November 25, 2013

Condominium living is a popular choice for many Canadians as it can be a relatively carefree housing option. About one million Canadian households own a condominium (often referred to as a “condo”). Most major newspapers now include a condominium section, which recognizes the increasing number of people who already live in — or want to live in — a condominium.

This Guide will give you the basic background information you need to figure out if condominium ownership is really for you. It will identify key questions to ask — and the people you should be asking — before you make this important purchase.

In This Guide you will Find:

Chapter 1: Condominium Basics
Learn how condominium ownership differs from other forms of homeownership.
Chapter 2: Condominium Governance
Read about how condominium corporations are run and rules that govern day-to-day condominium living.
Chapter 3: The Pros and Cons of Condominium Ownership
Find out if condominium ownership fits with your lifestyle, financial situation and personality.

Chapter 4: Buying a Condominium
Know what to look for whether you’re buying a new or a resale condominium as well as the costs you need to factor into your budget.
Chapter 5: Checklists, Tips and FAQ’s
Information that will help you find a condominium that is right for you.
Glossary
Demystify condominium terminology with this list of commonly used words and phrases.
Provincial/Territorial Fact Sheets

General information about buying a home is available in CMHC’s Homebuying Step by Step: A Consumer’s Guide and Worksheets.

If you are buying a condo in order to rent it out, also consult CMHC’s Your Guide to Renting a Home.

http://www.cmhc-schl.gc.ca

charlene