What Is A Condominium?
A condominium or condo is a designation given to homes that are attached to one another in one or more ways. Condos can be physically connected and/or legally connected. All condos have fees that go towards certain items such as management, insurance, utilities and maintenance. Each condominium has different items that are covered by these fees that are determined by the condominium bylaws and the Condominium Property Act of Alberta.
Real Estate Agent Explains Condominiums
Condos come in many shapes and sizes. Any type of property can be a condo. From single-level apartments to carriage homes, townhouses, duplexes or even detached houses. What makes a condo a condo is the legal description of the property, not just the arrangement of the living quarters.
Why Does It Matter?
Condos have their advantages and disadvantages over detached homes, but condos have been much maligned in Canada mostly because of condo fees, which are often misunderstood by the public. The fact is that condos are becoming much more common as house prices increase and space for single family homes decreases. As Edmonton attempts to increase the density of the city, it would be good to look to other more populated cities in Canada to see how condos are used to provide housing for their residents.
by +Alan F Macdonald REALTOR® | Copyright © – gimme-shelter.com
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