Lot Line, Whole Lot Condos vs Land Lease Community
We know this gets confusing. There are so many different forms of ownership and when it comes to condominiums, there are also different types just within this category.
Lot Line or Whole Lot Condominiums are typically townhouse style condos where the boundaries of the unit are most often the boundaries for the condo’s yard(s). Usually the front and back yards, the townhouse and it’s garage are all all part of what is described as “the unit” in these types of condos.
Traditional Condos in Ontario mostly contain boundary information that indicate that “the unit” is everything within the walls and ceilings. This means that the windows, doors, roof and everything without those boundaries are considered common elements. (Sometimes the front and rear yards are common elements which afford the unit owner to exclusive use thereof.)
Generally speaking, a Land Lease Community consists of sites, upon which homes are constructed. The tenant rents the site or land, but owns the home. The land lease home is a permanent structure. Land leases often run for more than 50 years.
In The Blue Mountains, currently a new Land Lease Community of 86 homes by developer Telfer Homes is making it’s way through the approval process, having just completed an OMB Hearing. For the latest update on this development, click here.
Interesting Local News Last Week in South Georgian Bay