170 Roehampton Ave (Google Maps, 2015)
Capital and Metropia have applied to build a 46-Storey tower that would replace a mid-rise co-ownership building at 170 Roehampton Avenue. UrbanToronto update.
legalline.ca explains the concept of co-ownership buildings:
An alternative to co-operatives and condominiums is co-ownerships. Instead of shares in a corporation that owns the building, purchasers buy a percentage of the building’s real property, or “title”, becoming an “owner in common” with every other purchaser. This also comes with the right to occupy a specific unit.
In the co-ownership system, buyers are legally bound by the terms in their contract rather than by any legislative provisions, such as the Condominium Act. Like the co-operative, the co-ownership involves only one mortgage and one tax bill for the entire property, with each person being responsible for his or her proportionate share of the costs.
