• An individual unit in a building
• A share in the condominium corporation, which owns and maintains the land, all common areas and features in the building including elevators, outside grounds, amenities and security

• A five-star city location often within walking distance of transit and variety of stores and services
• It’s a lifestyle of ease, comfort and prestige
• Upkeep and maintenance tasks like snow shoveling and landscaping are eliminated
• Offers peace of mind to residents that spend extended periods of time away from their home
• Unparalleled security is offered
• Amenities available to owners include, but are not limited to: concierge, valet, fitness centres and guest suites
• Extraordinary historically protected property views not afforded in traditional family homes

This MuseumHouse condominium lifestyle is determined by 4 factors:

• location of the building
• Amenities available in the building
• Other owners in the building
• Intimacy of building

A. A Board of Directors is elected by and generally made up of the owners who manage the building’s business affairs. A Management Company is also used to oversee the daily operations of a building.

A. The operations of a condominium are governed by provincial legislation along with the condominium corporation’s own declaration, by-laws and rules, until a Board of Directors is elected and formed by condominium owners. This board is responsible for carrying out any agreements to which the condominium corporation is a party, as well as managing the condominium corporation as set out in the Condominium Act

Each owner has the right to vote at the Board of Directors meetings and voting rights are given in proportion to each owner’s unit factor. Boards of Director meetings give owners an opportunity to offer input into the rules and regulations governing a condominium building. In order to stay current on any changes it is a good idea for owners to provide the Board of Directors with their contact information when on vacation and the information for a local contact who can act on their behalf if necessary.

A. Although lengthy, the rules and regulations set in place ensure that all owners enjoy a high level of comfort, privacy and security.

A. New condominiums come with a One Year and Two Year Warranty Protection against defects in work and materials, as well as a Seven Year Warranty Protection against major structural defects. Warranty coverage includes the shared areas of the building. Warranty coverage begins on the date of possession and remains in effect until the end of the warranty period, regardless of whether the condominium is sold before the warranty expires.

Tarion Warranty Corporation is an Ontario private corporation that was established in 1976 to protect the rights of new home buyers and regulate new home builders. Since its inception, Tarion has become one of the most comprehensive new home warranty programs in North America.

For information on Tarion, please visit:
www.tarion.com

A. Maintenance fees are the key to the condominium lifestyle; covering the costs such as: landscaping, waste disposal and concierge. Maintenance fees are determined by the size of a unit. A portion of the maintenance fee is allocated by the Board of Directors to a reserve fund account to be used for emergency purposes.

A. Yes. The owner must give the condominium corporation the name of the tenant(s) and summary or copy of the lease. Both the owner and tenant(s) are responsible to the condominium corporation and the tenant is bound by the same rules, regulations and documents as the owner. Each condominium has different rules about how long a unit can be leased out.

A. Property owners pay an annual tax on their property to the City of Toronto, which is based on the value of the property. In 2007, the City of Toronto property tax rate was .85%

For information on the Condominium Act,
please visit:
http://www.gov.pe.ca/law/statues/pdf/c-16.pdf

For information on the Canadian Mortgage and Housing Corporation, please visit: www.cmhc-schl.gc.ca