There are about 900,000 condominium units and over 11,000 condominium corporations across Ontario. According to data from the 2016 Census, about 13 per cent of Ontario households live in condominiums.
How many condo companies are in Toronto?
CCI-Toronto is the pre-eminent voice of Toronto’s condominium community. We have over 810 condominium corporations which are members representing over 168,200 units in the GTA area.
How many condominiums are there in Canada?
There are over 1.3 million condo owners and/or residents living in more than 587,000 condominium units in Ontario. One-half of new construction in 2013 was condominium-related. In recent years, the condominium industry has been booming in Canada, with dozens of new towers being erected each year.
What is a condominium corporation Ontario?
A condominium corporation is the legal entity that represents and governs the condo building. … This group manages the condo’s reserve fund and has the power to determine or change building rules, as long as they respect the Ontario Condominium Act. Every condominium has a corporation number.
How many condos are in the GTA?
Overall completions increased 55% in 2020 compared to 14,468 in 2019. And by the end of 2020 we saw a record high of 81,029 total condo units under construction across the GTA.
How are condominium corporations named?
A condominium corporation is created upon titles being issued to the units of a new condominium plan. The condominium corporation is then registered with the Corporate Registry. A condominium corporation is comprised of the owners of the units in a condominium.
How many apartment buildings are there in Ontario?
Across Ontario, there were 5,169,175 private dwellings. Of those, 54.3 per cent were single-detached houses; 17.2 per cent were in apartment buildings with five or more storeys; 10.1 per cent were in apartment buildings with fewer than five storeys; 3.4 per cent were flats in a duplex.
What percentage of Canadians live in condos?
Among those living in Canada in 2016, 98% resided in a private dwelling and 2% lived in a collective dwelling. Thus this data relates to that 98% only.
Share of population living in private dwellings in Canada in 2016, by dwelling type.
|Characteristic||Share of population|
What percent of housing in Toronto are condominiums?
Condominiums in the Rental Market
This number, at that time, represented 13 per cent of the total rental market, or 60,230 households. More recently, the CMHC reported that 34.7 per cent of Toronto condominium units were part of the secondary rental market as of October, 2016. This translates to 92,658 units.
When were condos built in Toronto?
At the same time, deindustrialization opened a number of new areas to residential development. The new projects took the form of condominiums. This form of housing was introduced in the province’s Condominium Act in the 1960s, but it was not until the 1980s that condos become very popular.
Who owns the condo corp?
A condominium corporation is made up of the owners of the units of a condominium, and is created when a condominium plan, declaration, and bylaws are registered in the Land Titles Office; and certificates of title are issued for the condominium units.
Who owns the land a condo is built on?
In a condo, there is generally no individual ownership of land; the unit owners jointly own the land and building exteriors. Each unit owner has rights only to the unit’s interior space. All other spaces are controlled by the condo owners’ association.
If you own a condominium, your apartment and a percentage of the common areas (called the “common elements”) belong to you. A co-op owner — often called a shareholder — does not own the unit. In fact, you could call that person a tenant.