Condos have undergone a dramatic evolution since they were first introduced to Toronto. To be able to understand the change, we must first realize that condos have only been around in Ontario for about 40 years. The first condo was built in December 27th, 1967 and it does not represent what you or I consider a condo today.
Although buildings have been in existence for a long time, the fundamental difference between a condo and an apartment building is that condo owners "own" a unit of that condo in their name (as well as a portion of all the common space) while residents in an apartment building "rent" a unit. This is the legal difference. However, there are tons of buildings that allow you to own a unit within a building but we don't consider those condos.
In my opinion, condo owners have to have shared common space in order to be able to say they live in a condo. If you have access to a pool, gym, concierge or any other type of condo amenity & you pay a monthly cost for it, then your in a condo.
So now that we have a clear definition of what a condo is, we can begin to understand its evolution.
After condos were introduced, it evolved to different types of condos. Now we have:
- Condos. (Condos with Amenity Space)
- Mixed Use Condos. (Condos with Amenity Space & Commercial Businesses)
- Hotel Condos. (Condos that have access to Hotel Amenities such as housekeeping)
Condos are continuously changing and one of the hottest ideas which was just implemented recently was hotel condos which I believe will be very hot in the next decade. Developments such as the Ritz-Carlton hotel/condo, Bisha hotel/condos, and the Shangri-La hotel/condo are amongst some of the cities hottest new developments.
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