The Condominium Act recognizes 5 different freehold types of Condominiums:
Standard Condominium
- Standard Condominiums consist of both units and common elements (portions of the condo are shared with all the owners).
Phased Condominium
- A Condominium Plan that is developed in phases, additional units and common elements can be added over a 10 year period.
Common Element Condominium
- Only consists of the common element (e.g. roadway and parking) with no units. The properties served by the common element do not appear on the condominium plan as units, but are referred to as Parcel of tied lands (POTL) which are not part of the condominium property.
Vacant Land Condominium
- Similar to a plan of subdivision, no buildings are constructed on each lot on this plan. The lands are simply identified as a unit or a common element. After registration of this type of condominium plan, the owner may decide what to building on each of those “units”.
Leasehold Condominium
- Although the structure would typically look like a standard condominium, this type of condominium is leased out to tenants. The tenants would rent out the units and common elements for a fixed number of years. Leasehold condominiums are a revenue-generating method for developers who want to retain ownership of their properties.