In this episode of the Brokers for Life Podcast, host Len Lane sits down with condo expert Brian Fischer of KDM Management to demystify the world of condominium ownership. Brian explains that condos are not just about apartments—they represent a specific ownership structure dating back to Roman times. He dives into the importance of reviewing condo bylaws, financial statements, and insurance before purchasing, emphasizing the risks of overlooking key details. Common concerns such as pet policies, parking, and age restrictions are discussed, with Brian highlighting the upcoming regulatory changes that will limit age restrictions to only 18+ or 55+ by 2030.

Brian and Len also explore the complexities of multi-stage condo developments, where buyers may face unexpected financial and legal challenges. They stress the need for professional reviews of condo documents to avoid costly pitfalls. Whether you’re a first-time condo buyer or an experienced investor, this episode provides crucial insights into navigating the condo market with confidence. Tune in to hear expert advice that can help you make informed decisions about condo ownership.

About Brian Fischer

With over 20 years of experience in the real estate industry, Brian is a licensed broker with RECA and a seasoned professional in condominium management. While he initially built his career in real estate sales, his focus shifted in 2010 when he and his wife acquired KDM Management, a well-established firm operating since 1986. Since taking the helm, Brian has been deeply immersed in the condominium sector, growing the company and enhancing its services to better serve clients. His extensive industry knowledge and hands-on leadership make him a trusted expert in condominium management.

Resources:

• RECA

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Contact Len Lane | Brokers for Life: 

• BrokersForLife.ca
• Linkedin: Len Lane
• LinkedIn: Brokers for Life
• Facebook: Brokers for Life
• X: @Brokers4Life
  

Contact Brian Fischer: 

• Website: kdmmgmt.ca
• LinkedIn: Brian Fischer
  

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Transcript

Len  00:02

Welcome. My name is Len Lane, and I am the founder and president of Brokers for Life Inc., and we are Dominion Lending Centers in Western Canada. The topic of our podcast will be about what we consider to be Real Life Mortgage Solutions. So welcome back. Season three underway, and we have the good fortune this morning to have what I would consider to be a condo expert in much as far as all the paperwork goes anyway, join us this morning and that’s Brian Fisher with KDM Management here in Edmonton, Alberta.

Brian 00:39

Morning, Len. 

Len 00:41

So Brian, maybe, maybe give us a little background on your experience in the industry. I know you’ve been licensed almost over 20 years as a realtor. Are you still licensed as a realtor as well? 

Brian  00:52

Yeah, I’m still licensed as a broker with RECA so been, yeah, a couple decades into that career. Not doing much on the sales side anymore, now that we’re kind of moved over to the condominium side. In 2010 my wife and I purchased KDM Management. It had been operating since 1986 but we’ve taken the reins on since 2010 and grown it a bit and dived right in head first to the condo world.

Len  01:20

Yeah, yeah, I would say you’ve grown it a little bit. I think I counted something like 30 employees on your website.

Brian 01:25

We’re close to, we’re around 65.

Len  01:30

65, yeah, that’s a lot of cats to herd. Trust me, I know even at 38 of us, it’s still, there’s still a lot to do so. So, like I said, let’s, let’s dive into condos. I guess the biggest thing is maybe breaking out the idea of what a condo actually is. I know they range in size from four units to 400 or bigger, I’m sure, but, but maybe, what defines a condo?

Brian  01:58

You know that’s a great question. It’s probably the most misunderstood question in our industry, I often hear people say, No, that’s a townhouse and that’s a condo over there. Condo really refers to ownership structure. This, this actually, oddly enough, dates back to Roman times. The word condominium even comes from Latin “con”, meaning together with and “dominion,” meaning the right of ownership. So now more close to us here in North America, there’s records of co-ops and cooperative ownership dating back into the 1800s in New York, but more close to home, actually, in Edmonton. Here, the first condominium registered was Brentwood Village in 1967 which actually happens to be also the first condominium registered in Canada. So, so, yeah, they had their 50 year anniversary here back in their 2017.

Len  02:51

Yeah. That would have been a brand new subdivision too, yeah.

Brian  02:54

So it’s, it’s important to know that, yeah, it just refers to a type of ownership you’re buying into a corporation, therefore, there’s common property. So, you know, there’s conventional condos and there’s bareland condos, but condominium strictly means a type of ownership. So it could be a grouping of single family homes, even, it could be, you know, they have a shared driveway, for example, or entry point or circular drive. Could be, you know, again, the standard townhouses, or it could be your apartment style buildings. But yes, it can technically, it’s just the style of ownership you’re buying into a corporation and there’s common property that all the owners participate in.

Len  03:29

Right. Bareland is probably something I understand that may have been unique to Alberta to begin with, as well.

Brian  03:35

I don’t know the genesis of that. I think you know the principle of bareland condo means that… Okay, so let’s talk about conventional condo. Conventional condo, for argument’s sake, is generally referred to as, you know, paint to paint. I mean, depending on what the divisions are, you know, when the act by laws, etc. But you know, let’s just say, for ease, paint to paint, and then the stuff outside of that, unless it directly services only that unit is generally common property. Now in bareland, the unit division is not walls, it’s land. So this is where I say you can have a sub a subdivision be a condominium with a bunch of single family homes on it. Now the catch here is in a true bareland, and there’s not a whole lot of barelands that operate as true barelands, because in a bareland, then the owner is responsible for any improvements inside of those, those markings, so those, those landmarking. So therefore any structure built the house, meaning your windows, your doors, your roof, cladding, your driveway, whatever, that would all be on the unit owner and not a responsibility of the Condominium Corporation. So that being said, developers go along, they start off as a bareland, and then the buyers buy in and say, Well, what do you mean? I you kno…