What exactly is a CONDO?
A condominium is not a type of house but a
form of ownership. The owner has title to a single unit, as
well as a share in the common elements such as elevators or
Condo Housing Types
- Row or townhouse
One of several single family homes joined by common
walls. These can be condominium or freehold units.
Houses, freehold or condominium, joined by garages or
carports which provide access between the front and rear
yards. Builders sometimes join basement walls so that
link houses appear to be single family homes on small
- Highrise condominium
Multi-story residential building containing condominium
units. A condominium is not a type of house but a form
How did the condo building craze come
Two Neighbourhoods not long ago in
decline--the King/Spadina area, west of the office towers, &
the King/Parliament Neighbourhood on the east side of the
busy downtown - are hot development prospects, where more
than 4,000 residential units are under construction.
Adjacent downtown neighbourhoods are also showing signs of
the residential building craze.
- A major catalyst is a flexible system
of planning regulations developed in 1996 that allows
more residential development in areas traditionally
zoned for light industrial and commercial use. The new
"reinvestment" regulations stress more importance on the
built form than the type of use.
- Changing demographics is another
factor in the boom, for example, empty nesters, young
professionals and suburbanites tired of long commutes
into Toronto represent a sizable chunk of downtown condo
- Plus low interest rates and increased
employment in the core.
And what exactly is a LOFT-style unit?
A newer form of housing gaining popularity
in the core is the loft-style unit, which is the the same
legal style of ownership as a condominium.