What is the difference between a condo and an apartment?
Condo:
- Each unit is owned individually and every owner has a financial share in the condo corporation’s well-being and common areas.
- Owners must pay condo fees, elect a board of directors to oversee the corporation, and should help vote on important decisions by participating in owners’ meetings
- Governed by the Condo Act and the corporation’s governing documents
Apartment:
- Typically owned by a corporate landlord
- Residents are renters and do not have a direct role in building management
- Governed by the Residential Tenancies Act
What finances are condo boards responsible for?
Condo boards are responsible for the day-to-day operations of their corporation, including overseeing its operational finances and saving for major repairs through the reserve fund. The CAO’s Best Practices Guide: Finance has more information for how boards can do this.
Where can I find condo forms?
All mandatory condo forms for condo boards and owners can be found on our website.
How do condos procure goods and services?
Condo managers or boards sometimes need to hire outside contractors for specific projects. Our Guide on Procuring Goods and Services provides detailed information.