A condominium is essentially a form of ownership and a method to divide a building so that individual property owners can hold title to a "unit" or section of a building.
The Condominium Corporation makes provisions for the potential purchasers to share in common elements of the building or outside lands.
A condominium form of ownership can be applied to units in a residential, commercial, or industrial building. They can also be introduced into institutional buildings although this is not common.
Condominiums are applied to new buildings or through a condominium conversion into existing rental properties.
The condominium plans, similar to the subdivision plans, involve the division of property and as such must obtain approval from the municipality. The applicant can elect to choose to apply for exemption from Section 51 of the Planning Act which will still require a draft plan and approval, but not a full circulation.
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