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Condominium vs Co-operative

Condominium vs Co-operative

In the Ottawa housing market, it is more likely to find condominiums than it is to find co-operatives – but you should know the differences between them before you start to look.

Condominium ownership

• The homeowner owns the unit and shares ownership of common elements. Condos are usually apartment buildings, but also include townhouse developments and developments of detached buildings on private roads.
• The homeowner is responsible for the interior area of the unit (everything from the plaster in). The condo association is responsible for the up-keep of the exterior of the building, common interior elements (halls, elevators and parking garages, for example) and the grounds.
• All condo owners pay a monthly fee to the condominium association to cover maintenance costs and common utility fees and taxes.
• Condos often have strict rules regarding noise, use of common areas and renovations to units. Condominium residents often enjoy less privacy than residents of detached homes.
• Condos are usually less expensive than freehold houses.

Co-operative ownership

• Co-operatives (or co-ops) are similar to condos but instead of owning your unit, you own a share in the entire building or complex.
• Co-op residents pay for maintenance and repairs through monthly fees and are subject to the rules and regulations of the co-op board.
• If you decide to sell your shares and move out, the co-op board has the right to reject your prospective buyer.

When you have decided to purchase an Ottawa Condo – or a co-operative, it costs you absolutely nothing to engage the services of a knowledgeable Realtor®.  The seller (whether new or resale) covers the brokerage fees.

Chris