OK, we've all seen it either in TV or movies.... someone (usually in New York) has to....interview to be able to buy an apartment?!? Generally that's a very foreign concept to us in Canada - so where does it come from?
The answer is that those desirable glam places you see on TV are referring to co-op buildings, vs the more familar condominium property in Canada. What's the difference? See the below link to a great article on both.
Link to article
From the perspective of the existing owner or Board member, Co-ops have a tremendous advantage over condos in that the Board gets to select who gets to live in the building. Keep in mind these are often in older, more desirable and well located buildings - so people are willing to submit themselves to this process. There are horror stories about the interview process to be selected - you don't just roll up and buy a unit like you do with a condomimium. Typically the Board is screening for financially sound, like minded people that will fit in with the existing resident base.
Hardly egalitarian, and a horror for buyers, but for current residents and the Board this (and the desire of residents not to get thrown out of the co-op) generally leads to a higher acceptance of living in close quarters under a common set of rules.
~CondoSensei
The answer is that those desirable glam places you see on TV are referring to co-op buildings, vs the more familar condominium property in Canada. What's the difference? See the below link to a great article on both.
Link to article
From the perspective of the existing owner or Board member, Co-ops have a tremendous advantage over condos in that the Board gets to select who gets to live in the building. Keep in mind these are often in older, more desirable and well located buildings - so people are willing to submit themselves to this process. There are horror stories about the interview process to be selected - you don't just roll up and buy a unit like you do with a condomimium. Typically the Board is screening for financially sound, like minded people that will fit in with the existing resident base.
Hardly egalitarian, and a horror for buyers, but for current residents and the Board this (and the desire of residents not to get thrown out of the co-op) generally leads to a higher acceptance of living in close quarters under a common set of rules.
~CondoSensei