Chapter 9: The Purchase and Sale of an Existing Condominium Unit

• Pages: 284-298
• Author: Robert Mullin

284

CHA PTER 9

THE PURCHASE AND

SALE OF AN EXISTING

CONDOMINIUM UNIT

1 INTRODUCTION

[1] Condominium legislation was introduced in the P rovince of Ontario

in 1967.1 Fifty years later, Ontario now approaches 12,000 regi stered

condominiu ms.2 In turn, w ith the Provincial Policy Statement, 2024, the

Government of Ontario remains focused on achieving gre ater urban

de ns it y.3 With that, condominium development now represents fifty

percent (50%) of all building permits issued in the Province.4 Despite

their recency, condominiums have transformed t he Province’s real es-

tate sector, commanding the skyline s of Ontario’s cities. With such, t he

rise of condominiums appears to be both a figurative and literal fact.

As a result, the purcha se and sale of a condominium unit has become a

common, if not dominant, real estate t ransaction in Ontario. Therefore,

understanding its ch aracteristics is no longer the terrain of the speci al-

ist but tools to be employed by all real estate pract itioners.

1 Condominium Act, 196 7, SO 1967, c 12.

2 Oce of the Auditor Gener al of Ontario, Value-for-Money Audit: Condominium

Oversight in Ontario (2020) at 1, onli ne: www.auditor.on.ca/en/content /annual-

reports /arreports/en20/ 20VFM_10condominiu m.pdf.

3 Provincial Planning State ment, 2024. Approved by the Lieuten ant Governor in

Council, Order i n Council No 1099/2024.

4 Condominium Author ity of Ontario, “About Us: CAO By the Numbers,” online:

www.condoauthor ityontario.ca /what-we-do/num bers/.