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 but we 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 be demolished.

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