Winnipeg's Real Estate Blog

Condominiums: By-laws, Reserve Funds, Condo-Documents? (Part 2)

In part 1 we examined the different types and styles of condos..  Now lets look at some of the more common questions buyers have about condos in general:

What do Condo-Fees pay for?  Each condominium project (and there are hundreds in Winnipeg) has a different arrangement.  With some, your condo fee only pays for the very basics, such as snow-clearing, grass cutting, management fees and common-element insurance'.  With other condos, the fees might include water, cable-vision packages, heat and an on-site caretaker.

What is a 'common-element'?  Basically it is any area where all residents have access.  In an apartment style condo, that would be the entrance and the hallways, as an example.  In a townhouse, or bungalow styles, it would be the roadway and the visitor parking lot.  The 'common-element insurance' basically protects the owners from any lawsuits by visiting guests, whether invited or uninvited, but that is a subject all to itself.

What is a Reserve Fund?   Every month, a small portion of the condo-fee goes into a special savings account, called a "Reserve Fund".   Again depending on the type of condo we are looking at, this reserve fund might pay for any building repairs such as a new roof, new windows, painting and re-carpeting of hallways, etc.  Basically the maintenance and repairs of areas which are common to all owners, and which effect all owners.  So for example, if you own a stand-alone bungalow condo, you might be responsible for your own roof repairs, new windows etc etc.

About Condo By-laws:  When a condo-project is first created, the builder usually sets up a set of 'by-laws', which would govern the use and rights of the individual owners.  The initial set of by-laws are quite often very simple, such as "No Laundry to be hung from windows"  of an apartment style condo.  Bungalow condos might have a rule that states "No Outbuildings or Sheds or Fences to be erected".

As owners settle into the condo, they establish a board, and can then write their own by-laws.  In order to change a current law, or to create a new one, the owners need to approve such changes by a 75% margin.  In short, majority rules.

Taxes:  Unfortunately, in our fair city and province, condominiums are taxed at precisely the same rate as regular houses.  Considering that many condos, especially high-rises, uses a lot less services (i.e.: street cleaning, garbage pickup which is often paid for by the condo fees, snow clearing, etc etc) this current system is not considered fair by many.  Fair or not, condos offer a unique lifestyle, and definite value in a time when it is becoming more and more difficult to find a house in a similar price range.

Also Read

Condominiums: An Overview (Part 1)

55+ Condominiums: Geared towards the Seniors market

If you are looking for a Condo in Winnipeg with age-restrictions, the following is a list of units which may fall into this category.  This is certainly NOT an exhaustive list, but does list many of the condos with such restrictions, which are usually either 50+ or 55+.

Bell Cove (Headingley South)

Country Villas Blvd.  (E.St Paul)

3420 Grant Ave.

4314 Grant Ave.

380 John Forsyth Rd.

1460 Portage Ave

1976 Portage Ave.

3200 Portage Ave.

Rockmaple Rd.  (E. St. Paul)

4025 Roblin Blvd.

679, 681,685, 687, 697, 785, 795, 805, 815  St. Anne's Rd.

500 Tache Ave.

208, 212 Watson St.

687 Warde Ave.

20 Wynstone Cir.  (E. St. Paul)

If you know of any other condos which are age-restricted, please let me know by comment, so that we can add them here.

Also Read:

Condominiums: An Overview (Part 1)

Condominiums: An overview (Part 1)

Condominiums have been steadily gaining in popularity in the past few years in Winnipeg.  At least part of this is due to the fact that while buyers have a tough time finding a nice house under $150,000, condos are still available in this price range.

Whether you are a first-time home buyer, or an 'empty-nester', there is a condo which will fit your needs.  Here is an overview of available choices and the differences between them:

Apartment-style:  These are usually 3 stories tall or more, and are defined by having one general entrance way leading to a lobby or hallways, from where the individual suites branch off.  Taller condos are most often built with concrete floors, which aids in the noise-reduction.  Ideally, you would want a balcony so you can sit outside and have some fresh air.  Most have window a/c units, but the nicer, more expensive ones have central air.  Another thing to keep in mind is that not all of them have in-suite laundry, which is a nice option to have.  They usually come with a parking spot, with underground spots commanding a higher price.  These types of condos can sometimes still be found around the $100,000 mark for a 1-bedroom, and $125,000 and up for a 2 BR, depending on the options.  Luxury condos of 1400 sq ft and more can run significantly more, depending on location.

Townhouse-style:  These are usually one and 2 story buildings, with each unit having its own entrance.  Most of these are wooden-frame construction, the downside being that you could hear your neighbor's stereo (or amorous escapades).  These normally have an outdoor parking stall, window a/c and usually have in-suite laundry.  An average 2 BR of about 900 sq feet will run you around $130,000,  again depending on location.

Side-by-sides:  Most of these are of newer construction, and can range in price and size.  Being newer buildings (usually built within the past 10 years), they also come with more options, such as c/air, attached garages, full basements and other amenities.  Privacy is increased in that you only share one wall with a neighbor, and most of the newer ones have fairly good sound insulation between the walls.  Prices range from around $200,000 and up.

Detached Condos:  These are what I call the 'best of both worlds".  Essentially they are stand-alone buildings, completely detached, but offering all the benefits of condo-living.  You have your own home, usually with all the options including attached garages etc, but no yard-work, snow-shoveling or other maintenance required.  These types of condos are rare, and therefore pricey.  They usually start around the $250,000 mark and run into the half-million dollar range.

Well,  there we have the basic types and styles.  I hope you enjoyed, and will come back in a couple of days for Part 2, which will go into the legalities, restrictions and benefits of owning a condo, along with explanations on "Reserve Fund", "Condo Fee Inclusions" and "By-Laws" of condos.

If you have any questions along the way, please don't hesitate to comment here.

ciao