Can you buy an apartment in Toronto?

[junctionist]

In Toronto, the word "apartment" seems synonymous with renting a place to live. In terms of multi-unit residential buildings, if you want to rent you get an apartment, and if you want to own, you buy a condominium. A condo is based on a legal structure that necessitates a corporation with a board and systematic approach to operating the building involving monthly maintenance fees. (It's logical for maintaining a building as complex as a high-rise with many owners).

What about smaller buildings? Are there apartment buildings in Toronto where there are, for instance, five unit owners and no condominium structure? I'm really curious because it's common in various countries to buy non-condominium apartments. I never see any such properties for sale in Toronto. Was it more common before condominiums started to be built?

 

[BrianPersaud]

In Toronto, the word "apartment" seems synonymous with renting a place to live. In terms of multi-unit residential buildings, if you want to rent you get an apartment, and if you want to own, you buy a condominium. A condo is based on a legal structure that necessitates a corporation with a board and systematic approach to operating the building involving monthly maintenance fees. (It's logical for maintaining a building as complex as a high-rise with many owners).

What about smaller buildings? Are there apartment buildings in Toronto where there are, for instance, five unit owners and no condominium structure? I'm really curious because it's common in various countries to buy non-condominium apartments. I never see any such properties for sale in Toronto. Was it more common before condominiums started to be built?

There are thousands of triplexes and multiplexes in Toronto...Tens of Thousands in Quebec.

 

[junctionist]

Thanks for your response, Brian. My question was more about whether you can buy a single unit in a non-condo building rather than the whole building. When I search for triplexes and multiplexes (out of curiosity), I always find entire buildings for sale. I presume that no, you can't buy a single apartment. One would occasionally see such buildings with different windows. If Toronto was a city of low-rise apartment buildings predating the modern condominium, that option would probably be more common. Perhaps there was a history of it prior to condominiums.

 

[CN Tower]

Thanks for your response, Brian. My question was more about whether you can buy a single unit in a non-condo building rather than the whole building. When I search for triplexes and multiplexes (out of curiosity), I always find entire buildings for sale. I presume that no, you can't buy a single apartment. One would occasionally see such buildings with different windows. If Toronto was a city of low-rise apartment buildings predating the modern condominium, that option would probably be more common. Perhaps there was a history of it prior to condominiums.

Sure you can.

Apartments are either:

1. Condominiums
2. Co-Operatives
3. Co-Ownerships

When any of the three are available for sale you will typically find them listed on the MLS system. There are legal and practical/operational distinctions between the 3 forms of apartment ownership. I won't go into details here but it's all available online.

Your query raises a good point though and one worth lobbying your local City Councillor to address- there is a shortage of affordable apartment units available for sale in Toronto. If the City was more progressive thinking they would allow landlords to convert existing older apartment buildings to condos/co-ops/co-ownerships in order to open up a new class of apartment ownership. Sadly the extreme left segment of City government does not see the obvious advantages of this policy and instead is blindly by ideology.

 

[cdr108]

Sure you can.

Apartments are either:

1. Condominiums
2. Co-Operatives
3. Co-Ownerships

When any of the three are available for sale you will typically find them listed on the MLS system. There are legal and practical/operational distinctions between the 3 forms of apartment ownership. I won't go into details here but it's all available online.

Your query raises a good point though and one worth lobbying your local City Councillor to address- there is a shortage of affordable apartment units available for sale in Toronto. If the City was more progressive thinking they would allow landlords to convert existing older apartment buildings to condos/co-ops/co-ownerships in order to open up a new class of apartment ownership. Sadly the extreme left segment of City government does not see the obvious advantages of this policy and instead is blindly by ideology.

i think the bigger obstacle to co-ops/co-ownerships are banks and the ability to finance via them.
i hear trust co's are more accommodating.