The first condominium in Ontario was registered in 1967. Early condominiums were designed to look like a traditional apartment building or townhouse.
Today there are more than 9,000 condo corporations in Ontario, nearly 30% of which are in Toronto. Condos of today have changed in dramatic ways from what they once were.
Today’s standard residential condominium may come with or without amenities such as party room or exercise room. There may be guest suites, exercise classes, a bowling alley or basketball court.
Industrial condominiums now exist for industrial or commercial purposes. As with residential condos, each unit is privately owned. Maintenance and upkeep of common areas is handled by the condo corporation.
Office condominiums, such as Hullmark Centre, are typically purchased and used by professional service firms including lawyers and doctors. As with residential and industrial condominiums, each unit is privately owned. Maintenance and upkeep of common areas is handled by the condo corporation.
Hotel condominiums cater to those who desire home ownership plus hotel-like amenities. They also cater to those who desire an income stream and participate in a rental program when not residing in their suite.
Each condo format may be designed for mixed use meaning space is made available for other uses. These uses may include retails stores, a school or day care facility, or even a church.