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Real Estate

A Note to Condominium Developers

Condominiums are becoming increasingly important as more people choose to live in condos. In recent years, the condo industry has been booming in Canada with new condo towers being erected each year. Moreover,  condominium development has steadily increased in Ontario for several years.

Condominiums in Canada are governed by the Condominium Act, which provides for a means to regulate development. Each condominium development establishes a corporation to deal with its maintenance, management and repairs. It is because of the use of corporations that existing condominiums can be merged with new ones, or any other properties can be converted to condominiums; as long as all municipal requirements are met. Accordingly, the concept of the expanded or expanding use of condominiums, is allowing developers and municipalities to consider new and more interesting forms of development to meet social needs and fiscal requirements/budgets.

Condominiums typically represent attractive and sustainable living lifestyles for modest and new home owners. It introduces a new approach for home builders in communities preparing for municipal approval. Condominium development is an opportunity for developers to show its creativity and be profitable in building. Thus, municipalities have become more flexible and imaginative in planning and approving developments to maintain and support their communities.

Developers seek for a perfect location to start their new projects. Central locations are essential with regards to marketing the closeness to important social amenities. A complete re-development plan for the roads and infrastructure within the immediate area is required. Most developers look around to design a building that represents the character of the area. It focuses on its spacious awareness, thoughtful layouts an impressive finish.  Literally, the primary focus of the design of the building is not based on efficiency of design, but rather for the spaciousness of suites and deck/balcony spaces. The design criteria are always set for large bright suites with comfortable layouts. However, modern condominium developments, although will have beautiful visual appeal for exterior and interior spaces with surrounding luxurious amenities and common areas, the actual dwelling units are falling short of 800 square feet on average.

A developers goal is to create a perfect home in the perfect community for everyone.  The lawyers at Levy Zavet PC are thorough when advising, considering and assisting in your condominium development, not just from a legal perspective but also from a business and marketing standpoint.