Comments on: CONDOMINIUMS VERSUS CO-OPERATIVES (No Shared Liability) http://muddyyork.com/2009/04/08/condominiums-versus-co-operatives-no-shared-liability/ Bringing Clarity to Toronto's Real Estate Market Fri, 20 Apr 2012 06:52:28 +0000 hourly 1 http://wordpress.com/ By: Rainer Beltzner http://muddyyork.com/2009/04/08/condominiums-versus-co-operatives-no-shared-liability/#comment-1488 Mon, 18 Oct 2010 18:58:42 +0000 http://muddyyork.com/?p=957#comment-1488 Is there any real difference between a co-op and a condominium in terms of enforcing rules and/or dealing with problem owners/tenants?

]]> By: Real Estate Guide http://muddyyork.com/2009/04/08/condominiums-versus-co-operatives-no-shared-liability/#comment-431 Tue, 28 Apr 2009 20:38:50 +0000 http://muddyyork.com/?p=957#comment-431 Dear Mr. Sharpe;

Thank you for your email of 3:14 a.m. received today concerning co-ops. As I am an Ontario based lawyer I cannot provide you with any advice or direction on the laws in British Columbia. You will have to speak to a British Columbia real estate lawyer.
MARTIN K. I. RUMACK
Barrister and Solicitor
202 – 2 St. Clair Avenue East
Toronto, Ontario
M4T 2T5

Tel: (416) 961-3441 (Ext. 26)
Fax: (416) 961-1045

]]> By: William Sharpe http://muddyyork.com/2009/04/08/condominiums-versus-co-operatives-no-shared-liability/#comment-429 Tue, 28 Apr 2009 03:14:42 +0000 http://muddyyork.com/?p=957#comment-429 Thanks for a good outline of condos and co-ops. I am actually living in a corporation, a form of ownership that apparently predates even c0-ops. and I along with other owners wonder if it is possible or desirable to change to a condominium. We’d really appreciate any information on this. I am not sure how different corporations are from co-ops, but I did have to pay the property transfer tax when I bought my unit in the building here in Vancouver, BC. The outline of co-ops you provide sounds very similar to what we have in terms of management and so on. Some people here seem to think that the board of a corporation can’t really do anything to enforce house rules, as is possible under the strata property act in BC, others say that a corporation board can enforce bylaws but has only the limited extreme action available to it. It is very difficult to get clarity on this, and it is one of the reasons there is interest in finding out if we can become a strata property, and if it is needed. For example, at the AGM can we vote to apply fines to enforce bylaws and implement other aspects of a condominium structure? The value issue is clear, I think. Apparently the fact that a person must put down 35% value to purchase a unit in a corporation and is limited in mortgage possibilities means that the market value of units in corporations are generally lower than that of condominiums. I’m not even positive about that.
Anyway, thanks for your informative article, and I hope there is a way we can find out more about corporations versus stratas and the possibility to change from one status to another.

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