The legislation makes possible different types of condominium developments:
Phased condo. Although you may have seen condos advertised as “phased” in the past, today they are separate condominium corporations. Under the Condominium Act, units and common elements can now be added in stages, over a maximum 10-year period, as part of one condominium corporation.
Common elements. These are condominiums that consist only of common elements, but no units. For example, homes could be on separate pieces of land, with facilities such as a golf course or recreational centre as the common elements condominium.
Vacant land condo. Under this type of condominium corporation, the units can consist of vacant land upon which, following registration, owners can decide later what to build. This may be suitable for a mobile home development, for example.
Leasehold condo. These are units built on land that is leased by the developer to purchasers who will never own the land. They buy a leasehold interest in the unit and common elements for a fixed number of years. This interest can be sold.
