Residential condominiums in Ontario are governed by the Condominium Act (1998) which has been in effect since 2001. While 40 Homewood (York Condominium Corporation 75) was registered as a condominium in 1972, it was originally under a different provincial condominium act.
Here is an article from a 1971 Toronto Star about the building at the beginning.
Condos have various bylaws which set out the major parameters of governing themselves, as permitted by the Condo Act. 40 Homewood has a General Bylaw (“Bylaw #1) from 1972 and a Standard Unit Bylaw (“Bylaw #2) from 2010.
All condominiums are run by their own elected board of directors. Our condo board has five directors, elected for two-year terms and alternating so that the terms overlap.
The board of directors is ultimately responsible for providing proper care of the building and assets, and hires a management company to execute the decisions made by the board. Since 2008, the management of 40 Homewood has been the responsibility of Brookfield Residential Services.
Working together, the board and the management look after the finances of the condominium corporation, planning a budget each year for the expected revenues and expenditures.
The condo has several full-time staff who provide cleaning, maintenance and many other service to keep the building fit. Management is delegated to supervise the staff.
With hundreds of people living together in one physical space, there is a need for rules to govern the expected behaviour of residents. These are revised from time to time as needs arise.
As can be seen from the chart below, there are nearly as many condos in Toronto as there are detached houses.