Condo type de notre phase 5!

One of the differences between buying a house and a condo is the concept of co-ownership. Buying a condo is a little like joining a micro-society where each owner must contribute to the well-being of the group.  To be able to maintain, repair and improve the building as a whole and common areas, each owner must pay its share of the costs which is done through condo fees.

As we said, part of the condo fees will pay for common areas while a certain portion will be set aside in a « contingency fund » for major repairs in the future.  The contingency fund is in fact requested by law and crucial when it comes to condo management by a condominium association.

Here are a few items to consider when looking to buy a condo:

  • Contingency fund: should be equal to at least 5% of the annual common fees.
  • Did the condo association make a detailed list of potential repairs to be made in the future?
  • Condo fees: are they enough to pay for the maintenance and potential repairs of all services included in your condo building?
  • Who is managing the co-ownership budget?
  • How will they split the expenses in the contingency fund?
  • Did you read the minutes from previous meetings to know exactly what repairs were done and how condo fees have changed over the years?

In other words, if you are thinking about buying a condo, don’t look only at the monthly fees but take the time to analyse how the money is managed as a whole.  You’ll feel more confident about how your money will be spent.  This will also help you avoid unpleasant surprises in 5 to 10 years when a major repair will need to be done!

Did you know that District Griffin uses the services of external management companies?  We also make sure our monthly maintenance fees are consistent with the market with the help of an external research company.  This avoids any conflict of interests in fund management and insures uniformity between projects.

To find out more and see what a good co-ownership management company could do for you, click here. (in French only)


Are you looking for a condo matching YOUR lifestyle? Visit us!

  • 1040 rue Wellington (coin Peel)
  • Monday-Thursday: 12 -7 pm
  • Saturday and Sunday: 12 – 5 pm
  • 514 914-4743

Exceptional views from our District Griffin condos!

What exactly is the HBP?

The HBP (Home Buyer’s Plan) is a program that allows you to withdraw funds from your registered retirement savings plans (RRSPs) to buy your first home.

You can withdraw up to $25,000 from your RRSP.  Two people are buying the home? Then each person can withdraw this amount for a maximum of $50,000.

The homes that qualify for the program are single-family homes, semi-detached homes, townhouses, mobile homes, condominium units, and apartments in duplexes, triplexes, fourplexes, or apartment buildings.

To be eligible for the HBP, you must meet certain conditions:

  • Your RRSP contributions must remain in the RRSP for at least 90 days before you can withdraw them;
  • You must be a first-time home buyer and must intend to occupy the qualifying home;
  • You cannot own the qualifying house for more than 30 days before the withdrawal is made;
  • You must enter into a written agreement to buy the qualifying home when you do the withdrawal;
  • If you have previously participated in the HBP, you may be able to do so again if your HBP balance is zero on January 1 of the year during which you plan on making another HBP withdrawal.


Once you know all the conditions are met, forms have to be completed and the HBP process is relatively simple.

In other words, the HBP is as if you’re making a loan to yourself.  And so you must pay your debt! You must reimburse yourself on a period of no more than 15 years (1/15 of the total amount per year).

The good news is you do not have to start repaying right away after you take possession of your home.  Your repayment period usually starts the second year following the year you made your withdrawals, depending on the date of your withdrawal.


For more information on the HBP, you can look at the brochure from L’Autorité des Marchés Financiers at:

Ready to buy a condo? Come and see our models and meet our amazing team: Sébastien, Karen and Natalia at 1040 Wellington St (corner of Peel) or contact them by phone at 514-914-4743!

L’accès à la propriété par le RAP

Women’s participation in the housing market is increasing. A study conducted by the APCHQ shows that of the 1005 people who bought a new dwelling in 2012, 62% were women and more than 35% of these were without a partner.

For them, buying a condo seems to be the perfect option.  Safety is an important factor and the presence of neighbours and camera systems among other elements make them feel safe.  Also, a condominium doesn’t need as much up keeping as a house.

Women often choose smaller units at first because they don’t need lots of space. Buying a new unit make it possible for them to choose finishes and decorative elements and give it a personal touch, which they appreciate.  They can always sell the condo later on if they decide to start a family.

So what’s your take on that?  Ladies, is this also how you see things?