Q: What are the advantages of owning a condominium and how does 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 Rise and what is included in the common element charge?
A: The common element “condo fee” will be based on your pro rate share of the common elements of the overall project. Current common element fees are expected to be approximately between $218-377 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 also gain access to the common outdoor courtyard with pool, a fitness studio and lounge, and condo fees cover seasonal opening and closing and all maintenance of the pool and other common areas. Residents pay separately for telephone, Internet, cable TV, in suite hydro, contents and betterments insurance and realty taxes.
Q: As a unit owner will I have any part to play in the on-going operation and management of The Rise 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 unit owner in the building you have voting rights in your condominium corporation. An annual general meeting of all unit 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 Rise 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 units will the building have?
A: The project consists of 2 buildings each with 7 floors plus an underground parkade level and will be constructed in 2 phases. There are 109 units in the completed Phase 1 and there will be 95 units in Phase 2, for a total of 204 units.
Q: What type of insurance will I require for my new condominium home at The Rise?
A: The condominium corporation will provide insurance for the overall building. Owners will require separate condominium unit owners’ insurance on their contents and on any options or upgrades. The Condominium Declaration provides further information.