What is a condominium?
A condominium refers to a form of legal home ownership as opposed to a style of construction. Condominiums are often thought of as high-rise residential buildings, but this form of ownership can also apply to townhouse complexes, individual houses and low-rise residential buildings. In New Brunswick, a condominium development is regulated by the Provincial Condominium Act and all legal plans and documents must be approved by the Provincial Director of Surveys prior to deed registration. A “condo” consists of the two parts: the individual units, each owned by and registered in the name of the purchaser; and the common elements of the building, such as lobbies, hallway, elevator, structural elements, etc. The ownership of these common elements is shared among the unit owners (in a condo corporation) as is the cost of their operation, maintenance and ongoing replacement. However, each unit owner has exclusive use and rights to specific portions of the common elements namely their balcony and parking spots. These exclusive rights are clearly defined in the plans and documents.

What are condo fees for?
Condo fees are a monthly payment made by each suite owner to the condominium corporation to cover the operating cost of the building. It is similar to the costs a home owner incurs – sewer and water charges, lawn maintenance, building repairs, snow removal, etc. A detailed budget is attached which outlines the expected item costs. The individual fees are based on square footage of each suite.

Do I have a choice in the design of my suite?
The building is a steel frame design which allows for flexibility/changes within each suite. Purchasers are able to make any design changes within their suite as long as the main building components such as exterior walls , windows and support columns are not affected.

What parking is included?
There is one underground parking stall per suite.  Additional underground parking stalls costing $7,500.  There is additional free surface parking adjacent the building's front door.

What amenities are included?
As a first class development, there is secure underground parking, a designated area in the underground parking area for washing and cleaning your vehicle, a large passenger elevator, a guest suite similar to a motel room for overnight guests, an activity room on the second floor and a professionally landscaped area surrounding the building.

Are washer, dryer fridge and stove included in each suite?
It became a matter of the building overall cost and it was felt that individual suite air conditioning was a higher priority by purchasers and air conditioning is included within the initial purchase price.

Are renovations permitted?
Yes, provided the renovations do not affect any of the common elements (exterior walls, windows, etc)

Is there a condo board?
Each suite owner by law is an owner of the condominium corporation and has a 1/17th ownership position within that corporation. The members then elect at their first meeting the directors of the corporation – the President, Secretary, Treasurer and Board directors. Not all owners are Directors of the condominium corporation.

What do I own?
Each suite owner owns essentially the inside surface of the suites drywall walls and windows and 1/17th of the rest of the building including all the common spaces, parking, building components and the property.

Who owns the building and property?
See above question and answer.

Do I pay property tax?
Yes, you pay property tax based on the provincial assessment of your suite and at the City of Miramichi municipality tax rate.

Can I acquire a mortgage to purchase a suite?
Yes, you can acquire a mortgage since you have a legally defined suite similar to a home.

Can I sell or lease my suite at anytime?
Yes, provided the purchasers/lessee agree to abide by the rules and regulations of the corporation. These rules are originally set out in the condominium declaration and amended and recorded at the corporation’s annual meetings.

Are pets allowed?
Yes

Is the building secure?
At the front entrance there will be security camera which will monitor activity in the entrance vestibule. This may viewed on a specific channel on each owner’s television set.

Does my condo fee include utilities? Such as hydro, phone, etc.
The condo fees pay the utilities for the building. Electricity to light and heat the hallways and parking garage, sewer and water for each suite owner and the telephone line required within the elevator and at the front entrance door.

The suite owners are responsible for their own utilities within their individual suite - telephone, internet, cable television and electricity.
 
Do I need insurance?
Yes, each owner requires insurance on contents and liability. The building is insured with moneys from your condo fees. Most insurance agencies can provide a condominium insurance policy specific for condominium owners.

Are condo fees tax deductible?
No, if it is an owner occupied suite (i.e. principle residence). However, the fees may be claimed as an expense if the owner rents the suite.