20. Different
income brackets The developers are now building condo towers to attract buyers that have different incomes. The majority of the units on the bottom floors are smaller units and are in a lower price range. Above these units, larger units are sold at far higher prices. Finally, at the very top, they have penthouses at extremely high prices. It's like placing Forest Hill on top of North York with Weston sitting on the bottom. The expensive units may be a separate condo corporation than the cheaper lower units and have a separate lobby, elevators and amenities. (A poor door arrangement) although they will have a shared facilities agreement.
http://bit.ly/1KEUgBC 21. Affordable homes projects The Heintzman Place, near Keele and Weston Road is an example of a condo corporation that has subsidized rental units for half of its total units. In its two towers, it has 643 units of which 300 are subsidized rentals. 22. Two-unit neighbourhood condos A detached house that is split into two vertically-split units separated by a firewall. The yard, roof and driveway are common elements. It is not like a semi-detached because the two units share a single lot. Most often, the existing house is demolished and is replaced by a huge two-unit structure. 23. Pop-ups A two-story townhouse that is converted into a multi-unit condo by building upward and dividing the building into multiple condo units. 24. Condos with affordable housing units Using Section 37(i) provisions, builders in the City of Toronto can exceed building densities if they include a certain number of affordable condo units in their new condominium developments. The affordable units may have a separate entrance, separate elevator, be situated on the bottom floors and the residents may or may not be allowed to use the building's amenities. (Poor Door.) The owners of the affordable units usually do not have a clear title. 25.
Condos with affordable rental units A residential condo may share a building with a social agency that provides housing for people with special needs or for people who need short-term emergency housing. 27. All-inclusive condominium communities These huge complexes contain residential housing, commercial office space, retail shopping, entertainment, personal services and superb amenities and shared facilities so in theory, a person would never have to leave the condominium complex. It is a complete work, live and play private community. (World on Yonge in Thornhill is an example.) 28. Dual-key condominium units These units are divided into two sub-units, typically sharing a foyer and possibly some facilities such as a kitchen. Originally, they were designed to cater to multi-generation families: parents could provide a more private living space for their children, or a family could have grandparents move in with them, for example. Now they can be used for leasing a room, short-term rentals or living quarters shared with an office. 29. Commercial condos These can consist of condo units in retail strip malls, small units in industrial buildings, office buildings or even storage unit condos. Other community housing types a. Co-op ownership This is where the owners own a percentage of the total cooperative that is determined by the size of their unit. They do not own the unit but have exclusive use of them. It is a form of shareholder's lease. Potential buyers are screened by the board of directors. b. Co-op rentals This is where a non-profit corporation owns the co-operative and tenants rent their units. They are also required to contribute a certain amount of volunteer hours each month working for the cooperative. c. Life leases It is an unusual rental arrangement because the tenant makes a cash contribution (not an investment) towards the rental unit of an agreed upon amount—usually less than the price of a similar size condo unit. When the tenancy ends, for whatever reason, the tenant is entitled to the return of his/her cash contribution. On top of that there is monthly rental payments. top contents chapter next |
Some high-rise condos offer units based on different income brackets. They are like a passenger jet with its nose facing up. Location is based on price; the well-heeled are on top & the cheap units on the bottom. |