A condo is ownership of your unit plus a share of a corporation that maintains everything around it — which means the building's finances matter as much as the unit's finish. Amir Rehmani, MBA, Realtor®, reviews status certificates and reserve fund health before any buyer offers.
A condo purchase means buying your unit and a proportional share of the building's common elements, managed by a condo corporation. Monthly maintenance fees fund repairs, amenities and the reserve fund — a healthy reserve fund protects you from a large special assessment down the road, while a thin one is a red flag no matter how nice the unit looks.
Condos are concentrated in the GTA's urban cores — downtown Toronto, Mississauga's City Centre, Vaughan Metropolitan Centre, and Markham — and remain the most common entry point for first-time buyers and investors alike.
The building's paperwork is as important as the unit's finishes.
Reserve fund health, pending litigation and by-laws are all in the status certificate — reviewed before any serious offer.
Fees can include heat, water, amenities and more — or almost nothing. Confirm exactly what you're paying for.
A gym and concierge you'll never use still cost you every month. Match amenities to how you'll actually live.
A well-managed reserve fund protects resale value; a thin one can mean a costly special assessment later.
Career figures below are estimates — ask Amir for current, street-level comparables before you offer.
A status certificate is a legal document from the condo corporation showing its finances, reserve fund, by-laws and any pending legal action. A weak reserve fund or active litigation can mean costly surprises after you've moved in — always have it reviewed before you waive conditions.
No — maintenance fees are set by the condo corporation's budget, not negotiable in an offer. What you can evaluate is whether the fee reflects genuine value (included utilities, well-maintained amenities) versus a building coasting on underfunded reserves.
Tell us your budget, priorities and preferred areas — get a shortlist matched to your criteria, usually within one business day.