What is a condominium?

A condominium is a form of property ownership in which the homeowner holds title to an individual dwelling unit, an undivided interest in common areas of a multi-unit project, and sometimes the exclusive use of certain limited common areas, such as balconies, patios, storage lockers, and parking spaces.

All unit holders are jointly responsible for the maintenance and repair of the commonly owned areas. The common areas are owned and managed by a condominium corporation (or strata corporation), made up of the owners of the units.

What's the difference between a condominium unit and a strata lot?

They're the same thing. A similar form of property ownership is also called "commonhold" in the United Kingdom.


The foregoing summary is provided for information purposes only and is not to be considered legal or business advice. The information may not be complete, accurate or applicable for any particular situation and should not be relied upon.