I loved this article on why renting a condo makes sense for some people.  Done right, it is the peak of maintenance free living.  Think about it - along with the usual "shut the door" and go advantages of a condo - you can have a nicer place, in a better location

The article does a good job about walking you through the basics of the financial advantages - less in mortgage payments, fewer car payments, etc. etc.  The usual financial stuff...

However, there's one incredibly important factor this article has missed that makes renting even MORE attractive.  As a renter - you have ZERO responsibilities for Special Assessments / Special Levies, thereby eliminating one of the most important risks facing owners.  You pay your rent, nothing more.  What if Condo fees for the building sky rocket due for any number of reasons?  Not your problem - if the landlord tries to jack your rent beyond market rates - you move.

Do you give up some capital appreciation - yes.  But if your goal is low maintenance living, it's a small price to pay to never have to worry about a 'leaky condo' or the dreaded special assessment

~CondoSensei

Q: Can you explain the difference between a special assessment and a levy?

Q: Does the board have to provide specific information about what the monies collected for a Special Assessment are being used for? 

Q: Our condo board is considering buying one of the units in the building as an investment. Is this allowed?

Q: Our condominium corporation elected a new board at its AGM, consisting of nine directors (six returning and three newly elected). I recently discovered that one of the board members is not an owner, but a renter. Is this allowed? Can renters attend or participate in the AGM without a proxy?

~CondoSensei