Co-Ownership Conversions
- A strong probability of an immediate increase in the market value of each unit in the order of 30-70% in post-conversion sale prices when compared to pre-conversion prices.
- Despite an increase in unit value, a probable reduction in overall realty tax payments under the municipal property taxation structure.
- Shorter selling times resulting from a greater market acceptance of Condominiums by potential purchasers.
- A strong probability of an immediate increase in the market value of each unit in the order of 30-70% in post-conversion sale prices when compared to pre-conversion prices.
- A wide range of effective legislative remedies against defaulting unit-owners and consumer protection, as mandated by the Ontario Conominium Act.
- It is easier to find a lawyer, insurance agent or lender who is familiar with a Condominium than a Co-operative.
- Units can be mortgaged individually, thereby opening up a greater range of potential lenders (e.g. banks, etc.) which are normally not interested in lending to a Co-operative share owner.
- More competitive mortgage rates.
- Units can be sold to a third party without the Co-operative’s approval or involvement.
- Statutory requirements for a Reserve Fund provide better protection against unexpected major maintenance or replacement expenses.
- Greater property value provides more equity to draw from for the purposes of renovations, investments, or purchases of vacation properties.