Condo vs. Co-op Ownership

A condominium (condo) owner owns real property, while a cooperative (co-op) owners owns shares in the corporation that owns their building.

Condominium ownership usually includes distinct ownership of an individual unit and joint ownership of common areas, while a cooperative apartment house is typically owned and managed by a corporation, and shareholders who own a share do not own their units, but are given the occupancy rights under tenancy agreements. The Corporate law, the shareholders' agreement, provincial tenancy legislation, and the occupancy arrangements determine the rights of the parties.