FAQ

A condominium, commonly referred to as a condo, combines elements of individual ownership and shared community living. In a condominium, individual units within a larger building or complex are owned by private individuals or families. These units can range from apartments and townhouses to detached homes, and they are typically part of a larger development managed by a condominium board.

Condos offer a housing option that combines the advantages of homeownership with the convenience and shared amenities of communal living. The appeal of condos often lies in the balance between individual space and community engagement, making them a popular choice for a diverse range of homeowners.

Condo Boards are comprised of elected unit owners residing in the complex and contain directors and officers. The board has the authority to manage all common elements and assets on behalf of the fellow condo owners. With a StreetSide condo, at the start of a new project when we are still selling suites, StreetSide Developments starts at the governing body. A condo board will be established once its 55% owner occupied, and will be elected by the owners.

Reserve Funds are set aside by the condo corporation in order to cover the expenses of any major maintenance or repairs that need to be done on the common areas of the condo. This fund comes from the condo fees paid by each owner.

Insurance for the overall building is covered by the Condo Corporation. Separate insurance is required for all condo owners to cover the contents of their unit and any options or upgrades.

Condo fees cover shared expenses like snow removal, yard care, building maintenance, and common-area upkeep. They vary by property size, unit size, amenities, and services included. Every StreetSide community is unique—ask our sales team for details on the fees for your home.

When we start a new development, we work with the property manager to create a budget based on an estimate of the operating expenses of the corporation for the first years activities. The estimate is based on their years of experience running similar multifamily projects in the Winnipeg area. We create this budget to try and ensure that we’re setting up the condominium community for long term success, which includes an amount that is contributed to a reserve fund, which is a nest egg to ensure the corporation can pay for future repairs.

When a new area of the city is developed it is a requirement from the city to have some land designated for condominium properties. This is to give the community a wide array of housing options and make home ownership affordable for all. We develop condominium communities in order to provide a lifestyle that can’t be obtained through standard ownership. Contributing a small fee for a lock and leave, maintenance free lifestyle means you have more time to do the things you love!