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Buying a condominium involves a type of housing ownership that is more formally known as strata title ownership. In addition to ownership of a unit, you share ownership of common areas, such as hallways, garages, and elevators, and share financial responsibility for their maintenance with the other owners of the building. This is reflected in monthly maintenance charges.

If you are interested in purchasing a property such as a condominium, find out about the bylaws and other rules that govern that property. You may also want to ask for documentation on the history of the property and include, in your offer to purchase, a statement that you are satisfied with the disclosure statement that the seller has provided. (Property condition disclosure statements are discussed in Chapters 11 and 15).

Restrictions vary from one housing development to another. Find out what the restrictions are and whether there are strata corporation bylaws, rules, or regulations that impose restrictions or prohibitions. It is very helpful to obtain strata council meeting minutes going back as far as possible — at least for the past 12 months — and including the most recent annual general meeting.

Common restrictions include age restrictions, which, for example, specify that some developments are designated for adult-only residents; rental restrictions, which limit the number of residential strata units that can be rented; and restrictions on the size, weight, number, and type of pets. Restrictions are not necessarily a negative issue for homebuyers. For example, although there may be restrictions that limit or prohibit rentals, this may be a positive factor for buyers, in that most or all the occupiers of a building are also owners.

Most strata corporations also place restrictions on the following:

• “Use” — specifying what activities cannot take place on the property (such as running a business)

• Window coverings — imposing uniformity of colour of window coverings

• Waterbeds — prohibiting, requiring damage insurance, or restricting their location within the building

• Hot tubs — prohibiting placement on roof decks because of potential damage from leaks or weight

• Hardwood floors — prohibiting them because of noise, especially in frame buildings