Terminating condo corporations
Condominium corporations are so new a concept that we focus on the
birth of new ones and on buying, selling and living in condo buildings
rarely think about the death of condo corporations.
Yet just like ourselves, condo corporations have a birth, life and then
a death and all must be taken into account.
Most man-made structures have a limited life-span. There are not many
100 year-old apartment buildings, hotels, schools, office buildings and
residential homes still standing in our cities and the ones that do
have been converted into other uses or are so unique that they have
been designated historical sites.
Our tastes in housing, like our tastes in clothing change over time.
Also, for a building to have lasting value, it has to be properly
maintained through out its life and that is not often done.
In Ontario, residential condos have been around for close to 50 years
and some have aged gracefully, others are in reasonable health while
some have been so badly built or neglected that the structures should