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 surrounding land.

Condo Housing Types

• Row or townhouse
  One of several single family homes joined by common walls. These can be condominium or freehold units.
   
• Link  
  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 lots.
   
• Highrise condominium
  Multi-story residential building containing condominium units. A condominium is not a type of house but a form of ownership.

How did the condo building craze come about?

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 buyers.
• 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.