Tarion President and CEO Greg Gee recently returned as a guest on "Inside Real Estate," where he participated in a panel discussion that addressed the topic: “Should I buy a Condo or a Home?” Mr. Gee appeared in a previous episode of this television program which originally aired March 10, 2005.
“Inside Real Estate” is hosted by CFRB radio personality Christina Chernesky. The April 7th show aired at 10 p.m., and also ran on April 9th at 11 a.m., April 10th at 7 p.m, and will air April 15th at 3 p.m.
Mr. Gee was joined on the program by Denise Lash, columnist, Real Estate News, and condominium lawyer, and Irma Elbach, Remax Condos Plus Corporation. The panel answered calls from viewers who wanted to learn more about some of the pros and cons of owning a condominium versus owning a home.
The panel members noted that condo owners don’t have to worry about outdoor maintenance, such as shoveling snow and cutting grass, however they do have certain restrictions. For example, some condominiums allow pets, and some do not. A real life example was shared of a woman who was only allowed one pet per unit in her building. She had two cats, so she purchased two single units and combined them into one.
The discussion also touched on the convenience afforded by condominiums. With the retail and professional services that many condominiums provide on-site, tenants have easy access to a wide range of amenities. There is also the security of on-site staff who patrol the grounds of the building and will also look in on your unit and even water your plants when you are away on extended vacations or business trips.
To avoid potential problems with a condominium purchase, Mr. Gee encouraged viewers to take advantage of all the resources that are available to them: “Make sure you get sound legal advice and have your lawyer read through your agreement of purchase and sale. And you should remember that new condominium purchases, unlike freehold homes, have a ten-day cooling off period that allows you to cancel your contract if you have any second thoughts about your decision.”
Mr. Gee pointed out that all new condominiums built in Ontario come with a comprehensive warranty that is guaranteed by Tarion. This includes a one year warranty on defects in work and materials, a two year warranty that covers items such as water penetration or defects in electrical, plumbing or heating, and a seven year warranty on major structural defects.
Mr. Gee also mentioned that Tarion is holding seminars that guide new home buyers through the purchasing process and help new homeowners understand the warranty coverage that comes with their new home.
