Q: What are the advantages of a Condominium and how does condominium ownership work?
A: A condominium is a legal form of shared ownership, where the owner holds title to the individual condominium and a shared interest in the building and grounds common elements. A condominium allows for the financial benefits of ownership while leaving the chores of property upkeep and maintenance to our professional property managers. Residents will purchase their condominium homes outright, and pay a monthly “condo fee” to fund all shared common area expenses.
Q: What are the Common Element Fees at The Charles and what is included in the common element charge?
A: The common element “condo fee” will be based on your pro rata share of the common elements of the overall project. Current common element fees are expected to be approximately between $240-350 per month including sewer and water. Common element costs include all “common elements” or shared costs including (but not limited to) maintenance, grounds keeping and landscaping; service contracts; professional management; building insurance (owners require separate insurance for condominium contents and betterments); snow removal; common area lights, power, and heating / cooling; in suite and common area water and sewer including maintenance and replacement. Residents pay separately for telephone, internet cable TV, in suite hydro, contents and betterments insurance and realty taxes.
Q: As a suite owner will I have any part to play in the on-going operation and management of The Charles Condominiums?
A: The project will be professionally managed by a property manager engaged by the Developers and later by the Condominium Corporation Board of Directors. As a suite owner in the building you have voting rights in your condominium corporation. An annual general meeting of all suite holders will be conducted to review the business of the corporation. You may participate in the management of the corporation to a greater extent if you wish to stand for election to the Condominium Corporation’s Board of Directors.
Q: Can I purchase a condominium at The Charles and rent it until I am ready to occupy myself?
A: You may rent your condominium provided all rules and regulations of the Corporation contained in the condominium documents are complied with.
Q: How many floors and suites will the building have?
A: The building will have 4 floors plus an underground parkade level and will be constructed in 2 phases. There will be 46 suites in Phase 1 and 76 suites in Phase 2, for a total of 122 suites once complete.
Q: What type of insurance will I require for my new condominium home at The Charles?
A: The condominium corporation will provide insurance for the overall building. Owners will require separate condominium suite owners insurance on their contents and on any options or upgrades. The Condominium Declaration provides further information.