Frequently Asked Questions

What is a condo?

The word “condominium” is a legal term which refers to the separate ownership of single units in a multi-unit building.  When an individual purchases a condominium, he or she becomes the owner of the unit they purchased, as well as a partial owner of the common areas and facilities in the building.  Each condo owner pays a monthly fee that is used to maintain these common areas and facilities.

How does a condo differ from an apartment?

An apartment is a rented unit in a complex.  Tenants pay rent each month for each unit and the building owners are responsible for the building’s maintenance and taxes.  Condos differ from apartments in that a condo is owned and fees are collected monthly to pay for building maintenance.

How does a condo differ from a loft?

A condominium is a legal type of ownership that is controlled by city, province, or country.  A loft is a type of residence (usually a large, adaptable, open space) that can be rented, leased, or purchased.  Lofts, apartments, and townhouses can all be organized as condominiums if the building meets regulations and if the owner chooses to sell the units.

What is a condo conversion?

A condo conversion is the redevelopment of a building that was not originally built with the intention of residential living. Developers buy the building and then convert it into condo units. All of the condos currently in Regina’s Warehouse District have been converted from buildings that were originally intended for other functions. For example, the Brownstone Plaza on Broad Street was originally built as a John Deere Warehouse but converted into a mixed-use residential, commercial and retail space.

Who “builds” the condo?

Once a developer has bought a building, or part of a building, to convert to condos they can choose to develop the space or sell the raw space to a buyer. If a buyer buys a raw space (essentially an empty loft) from a developer, then they are required to finish the space into a residence. The buyer will be responsible for building codes, contractors and architectural design of the space. This is a unique option that allows the buyer to personalize their new home. Alternatively, some developers will choose to sell turn-key units, allowing the buyer to move right in.

Can I afford a condo?

Warehouse condo conversions are comparable in price to other residential options. Prices for condos vary quite dramatically and depend on square footage, finishing details and other items such as parking. However, condos also have condo fees and there may be other expenses as well. Condos are a good investment option because of the rising demand for unique and urban homes.

The City of Regina also provides a tax exemption of up to $7500 over 5 years to new residential construction and conversion of surplus commercial space to residential units.

What is a condo fee?

A condo fee is a fee based on the annual operating budget of the condominium building. Each unit owner pays a certain percentage of the budget based on their percentage ownership of the condominium. Although the percentage stays the same, the budget may increase and so condo fees tend to fluctuate over time. Reasons for fluctuations are special repairs or construction projects.

What items are covered under the condo fee?

Generally, items included in the condo fee are insurance, water/sewer, common utilities, snow removal, maintenance of common areas, landscaping, etc. The budget will also include a capital reserve that can be used for major repairs. 

Why would I choose to live in the Warehouse District?

Living in Regina’s Warehouse District offers a unique and urban lifestyle that can not be found anywhere else in the city. The historical warehouse is centrally located and is close to many amenities such as Regina Downtown, Wascana Park, Mosaic Stadium, and Exhibition Park. The neighbourhood is up and coming as more people look for a urban and convenient lifestyle. The Warehouse District is home to Regina’s entertainment street, Dewdney Avenue, plus many independent businesses and restaurants.

Why do warehouses make such good condos?

Warehouses make good condos for a number of reasons. One reason is that the buildings have been made to last for generations, and many have. The adapted Chicago style warehouses in the Warehouse District were built in the early 1900s. The structures were over-built to manage heavy loads and prevent fire damage. Another reason that warehouses are ideal for condos is that many distinguishing features were added in their design. For example, the exterior of the buildings feature unique brick designs and oversized windows while the interior boasts oak and pine floors, wide wooden beams, high ceilings and exposed brick walls. All these details work create a design that could not be copied in a modern building.