So you’ve decided to buy a condominium . . .
Condominium living is a popular option for many Canadians as it can be a relatively carefree housing option. Currently, in some parts of the country, one out of three new homes built is a condominium. Interest in condominiums tends to grow with a shortage of rental accommodation, relatively low mortgage interest rates, and urban core renewal. Most major newspapers now include a condominium section which recognizes the increasing number of people who already live in, or aspire to live in, a condominium.
The Canada Mortgage and Housing Corporation [CMHC] Guide has been created to help you become an informed condominium buyer and to help you make the best choices.
The Guide will give you the basic background information you need to get started on the path to condominium ownership. It will identify important questions to ask, and the people you should be asking, before you make this important purchase. At the end of the Guide, you will find a condominium selection checklist to help you narrow down the choice between the different types of condominiums you might see.
The Guide provides a general overview of the purchase of condominiums. It is not intended to provide legal or technical advice. It is recommended that you retain appropriate legal and technical professionals to guide you with any condominium purchase you may consider.
Adapted from Condominium Buyers’ Guide (Ottawa: CMHC, 2002).
Click here to download The complete CMHC Condominium Buyers’ Guide (available in PDF format)