At Baker Real Estate Incorporated, our sales representatives field a lot of questions about condominiums. One of the most commonly asked is “What do I actually own when I buy a suite in a high-rise building.” You should know that you own your unit and the exclusive use of your balcony or terrace, if the design comes with one. You also own a percentage interest in all of the building’s common elements such as the lobby, pool, fitness facilities, theatre room, etc. That percentage is determined by the square footage of the suite you choose, and your maintenance fee is calculated from that. In essence, you share the upkeep, repair and maintenance of these amenities with your neighbours.

A professional company manages the condominium and is responsible to the board of directors. The condo corporation’s duties include handling these items, as well as administering the reserve fund, which is there to cover any expenses incurred in the upkeep, repair, improvements and landscaping of the building over time.

Condominium suite owners have the same rights as a low-rise owner, in the sense that you can mortgage your suite, sell it or lease it. Condominium regulations, however, may prevent people from renting to different people for short periods of time and essentially using the suite as a hotel. Be sure you check into this element of ownership before you make your decision.

This gives you an overall idea of what you own when you purchase a condo, but it is your responsibility to research your individual situation. If you have any questions, ask them up front, before buying. You should know exactly what is included in your purchase price so you have a pleasant closing and resident experience. Be sure to have a look at CMHC’s Condominium Buyer’s Guide at

Published by Baker Real Estate.


On the afternoon of June 12, 2019, Peerage Realty Partners was thrilled to host over 140 Ontario-based Sotheby’s International Realty Canada agents. Guests were invited to enjoy cocktails and appetizers while meandering the spectacular private Dare to Dream Classic...

“Peerage is the epitome of entrepreneurial spirit and has consistently supported and encouraged Baker’s tradition of thinking outside the box. This has resulted in Baker taking bold steps in technology innovation, increasing sales and tremendous growth in revenue.”

Barbara Lawlor,
CEO and President,
Baker Real Estate Incorporated, Brokerage

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Chris Kapches,
LLB, President and CEO, Broker of Record,
Chestnut Park Real Estate Limited, Brokerage

“We were looking for a like-minded group to partner with to assist with our continued success. We found that in Peerage Realty Partners. We remain independent and retain our identity while being able to take advantage of the benefits of being part of the Peerage Realty Partners group.”

Catherine Deluce,
Founder and Chair,
Chestnut Park Real Estate Limited, Brokerage

“From the inception of our partnership, Peerage made it clear by both their words and actions that while they would always be available to discuss business strategies or financial assistance, they trusted us to manage our company competently, ethically and efficiently. They are partners in every sense of the word.”

Michael Schaenen,
Senior Partner,
ARS Investment Partners,

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Mary Johnson,
Vice President,
StreetCity Realty Inc., Brokerage

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Stephen Burke,
Managing Partner,
ARS Investment Partners

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Rob Furse,
Echelon Wealth Partners


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