By Jarrett Hunter, Realtor® | RE/MAX Your Community Realty

If you’re buying a resale condominium in Toronto, one of the most important steps is reviewing the condominium’s status certificate before finalizing your purchase.

A beautifully presented condo with attractive amenities and a desirable location can still have financial or legal concerns that aren’t obvious during a showing. The status certificate helps you look beyond the individual suite and understand the condominium corporation you’re about to become part of.

After more than 25 years helping buyers and sellers in Toronto, I consider the status certificate review an essential part of purchasing a resale condo.

Here’s what the document contains, how much it costs, what buyers should look for and why I recommend having an experienced real estate lawyer review it.

What Information Is Included in an Ontario Condo Status Certificate?

Under Ontario’s Condominium Act, a status certificate provides required information about a condominium unit and its corporation. The package typically includes supporting records, financial statements and governing documents.

Some of the most important information includes the following.

1. Condominium Maintenance Fees

The certificate identifies the monthly common expenses associated with the particular unit, commonly called condo maintenance fees.

It can also disclose outstanding amounts owed by the current owner and certain increases announced since the current budget.

This matters because maintenance fees are an ongoing part of your housing expenses. They can affect affordability, mortgage qualification and the property’s long-term appeal to future buyers.

A low monthly fee isn’t automatically a sign of a financially healthy building. It is important to understand what those fees cover and whether the corporation is budgeting adequately.

2. The Reserve Fund

Ontario condominium corporations maintain reserve funds to help pay for major repairs and replacements of common elements and assets.

Depending on the property, these costs can involve elevators, roofing, windows, mechanical systems, parking structures and other substantial building components.

The status certificate includes information about the reserve fund and the most recent reserve fund study.

A reserve fund study evaluates anticipated major repairs and replacements and helps the corporation plan how to finance them.

It’s important not to judge a reserve fund solely by its dollar balance. The building’s age, size, equipment, anticipated expenditures and funding plan all affect whether its financial resources are adequate.

A newer building with a relatively small reserve fund may have different requirements than an older condominium facing significant upcoming repairs.

3. Financial Statements and Budget

A status certificate package contains the corporation’s current budget and its most recent annual audited financial statements and auditor’s report.

These documents can provide insight into the condominium corporation’s operating revenue, expenses, financial obligations and overall management.

They can also help identify recurring operating shortfalls or financial pressures that may contribute to future maintenance fee increases.

The numbers should be considered together with the reserve fund information rather than in isolation.

4. Special Assessments

A special assessment is an additional amount a condominium corporation may require owners to pay to cover certain expenses or financial shortfalls.

For example, unexpected building repairs, insurance-related expenses or significant legal costs can create a need for additional funding.

A status certificate can disclose assessments that have been levied and information about certain financial changes or anticipated expenses.

This is particularly important because a special assessment can potentially represent thousands of dollars in unexpected costs for individual owners.

Buyers should have their lawyer examine any disclosed assessments, the reasons behind them and whether additional financial concerns require investigation.

5. Legal Proceedings and Judgments

The status certificate provides prescribed information about outstanding judgments and ongoing legal proceedings involving the condominium corporation.

Not every lawsuit indicates that a building is poorly managed. However, legal disputes can create expenses and financial uncertainty.

An experienced lawyer can help determine whether disclosed litigation represents a material concern for the buyer or requires further information.

6. Rules, Bylaws and the Declaration

Condominium ownership means living under rules that may not apply to a freehold property.

The status certificate package includes the corporation’s declaration, bylaws and rules. These documents establish important rights, responsibilities and restrictions.

Depending on the condominium, they may address matters such as pets, smoking, renovations, short-term rentals, leasing, parking, balconies and use of shared amenities.

For example, a buyer intending to rent out a unit should review any leasing restrictions and related requirements before purchasing.

Similarly, someone moving into a condominium with a pet should not assume every building permits the same animals or has identical rules.

7. Condominium Insurance

The package also contains information about the condominium corporation’s insurance coverage.

A condominium corporation generally maintains insurance for specified common elements and other property according to the applicable legal and governing requirements.

Individual owners should still arrange appropriate personal condominium insurance. The corporation’s coverage is not a substitute for insurance for personal belongings, liability and other expenses or risks that may be the owner’s responsibility.

Your lawyer and insurance professional can help you understand how the building’s coverage, deductible bylaws and your own policy work together.

Source: Condominium Authority of Ontario — Status Certificates

How Much Does a Status Certificate Cost in Ontario?

Ontario condominium corporations may charge a maximum of $100 for the standard status certificate, including applicable taxes and materials.

Some condominium management companies offer expedited processing for an additional fee. However, the corporation must still make the standard certificate available within the legally required period at the prescribed maximum price.

Who pays for the certificate in a resale transaction can depend on what the buyer and seller agree to. Sometimes the seller obtains the certificate in advance; in other transactions, the buyer or their representative arranges it.

What matters most is that the certificate is obtained early enough for proper legal review.

How Long Does It Take to Receive a Status Certificate?

The condominium corporation must provide the status certificate within 10 days after receiving a proper request and payment.

However, that does not necessarily mean the certificate will be delivered immediately.

If you’re working with a financing or status certificate condition in your offer, your agreement should provide sufficient time to receive the package and allow your lawyer to complete the review.

One important distinction: the corporation’s 10-day delivery requirement does not provide an automatic 10-day cooling-off or cancellation period for buyers of resale condominiums.

Resale purchase rights depend on the signed agreement and applicable law. New condominium purchases from developers have different disclosure and statutory rescission provisions.

Sources: Condominium Authority of Ontario — Certificate Fees and Timing and CMHC — Ontario Condominium Buying Information

Should Your Offer Be Conditional on Status Certificate Review?

For a typical resale condo purchase, I generally recommend that buyers seek an appropriate status certificate review condition in their Agreement of Purchase and Sale, subject to their lawyer’s advice.

The purpose is to provide an opportunity for the buyer’s lawyer to receive and review the documents before the buyer becomes firmly committed to the purchase.

If the documents reveal significant concerns, the buyer and lawyer can evaluate the options available under the particular agreement.

The condition’s wording, deadlines and requirements are important. A buyer should not assume that every concern automatically permits cancellation or that a condition can simply be ignored.

In a competitive real estate market, buyers may sometimes consider making offers without conditions. That creates additional risk, particularly when financial and legal information about the building has not been reviewed.

When a status certificate is already available before an offer is submitted, the buyer may be able to have their lawyer review the documents in advance.

My preference is always to make an informed decision rather than discover an unexpected issue after the transaction has become firm.

What Are the Warning Signs in a Condo Status Certificate?

Every condominium corporation has its own financial circumstances, maintenance requirements and administrative history.

However, there are several issues that deserve additional investigation.

These items are not necessarily reasons to reject a property. They are reasons to ask questions.

For example, a condominium corporation may be spending a substantial amount from its reserve fund because it has properly planned and budgeted for a major building project.

Similarly, an increase in maintenance fees may reflect responsible budgeting rather than financial mismanagement.

The objective is to understand the context and determine whether the risks are acceptable.

Can a Status Certificate Guarantee That a Condo Building Is Financially Healthy?

No. A status certificate is an important disclosure document, but it is not a guarantee that a condominium corporation will never experience financial difficulties.

It reflects information as of the date the certificate is issued. Circumstances can change, major repairs can become necessary and unexpected expenses can arise.

The certificate is also not a complete physical inspection of the building or an independent audit performed specifically for the buyer.

Where concerns arise, a buyer may wish to examine additional records, obtain clarification from the property manager or corporation, and seek appropriate professional advice.

The age and condition of the building, recent repair history and anticipated future expenditures all deserve consideration.

Does the Status Certificate Matter for Condo Investors?

Absolutely. If you’re buying a Toronto condominium as a rental investment, the status certificate is just as important as it is for someone purchasing a home to live in.

Condominium maintenance fees directly affect your carrying costs and potential rental cash flow.

Rules concerning leasing, short-term rentals and permitted uses can also influence how you operate the property.

A potential special assessment or major increase in maintenance fees could substantially affect the investment’s financial performance.

Before purchasing an investment condo, I recommend reviewing the financial statements and governing documents with your lawyer, evaluating realistic rental income and calculating the total ownership expenses.

For additional Toronto rental property information, visit my Toronto Landlord Resource Centre .

My Advice to Toronto Condo Buyers

When I work with someone buying a condo in Toronto, we spend plenty of time discussing the location, layout, price and comparable sales.

But I also want buyers to understand the condominium corporation they’re becoming part of.

A condo isn’t just an individual apartment. You’re also purchasing an ownership interest in a property that has common expenses, financial responsibilities, rules and long-term maintenance obligations.

A well-run condominium can be an excellent place to live or own an investment. But the status certificate review is an opportunity to identify information that could affect your decision before you commit.

My advice is straightforward: don’t skip this step simply because the unit looks great or because you’re concerned another buyer might purchase it first.

Have the documents reviewed by a qualified real estate lawyer and make sure you understand the financial and legal considerations before proceeding.

Frequently Asked Questions About Ontario Condo Status Certificates

Is a status certificate mandatory when buying a resale condo in Ontario?

A condominium corporation must provide a status certificate upon a proper request and payment. A buyer is not automatically required by law to request one for every resale purchase, but obtaining and reviewing it is strongly recommended.

Who pays for the status certificate?

The buyer or seller may arrange payment depending on the agreement and circumstances. There is no universal requirement that the seller must always pay.

Can a condo status certificate cost more than $100?

The required standard certificate must be available for no more than $100, including taxes and materials. Some corporations or management companies offer optional expedited processing for additional charges.

How long does it take to obtain a status certificate?

The condominium corporation must provide it within 10 days after receiving the proper request and payment. Optional faster processing may be available.

Can I cancel my condo purchase if the status certificate shows problems?

Your rights depend on the terms of your Agreement of Purchase and Sale and applicable law. An appropriately drafted status certificate condition may provide protection, but there is no automatic 10-day cancellation right for ordinary resale condo purchases.

Does the status certificate show upcoming special assessments?

It includes prescribed information about assessments and certain financial matters known or declared as of its date. It cannot guarantee that a condominium corporation will never levy an additional assessment in the future.

Should I have a lawyer review the status certificate?

Yes. An experienced Ontario real estate lawyer can review the certificate and supporting documents, explain legal or financial concerns and advise you about your obligations and options under the agreement.

Does a pre-construction condo have the same status certificate process?

Pre-construction buyers typically receive a different package of disclosure documents from the developer, with additional consumer protections and timelines. A status certificate is primarily relevant when assessing an established condominium corporation and a resale unit.

Jarrett Hunter, Realtor® | RE/MAX Your Community Realty | Toronto, Ontario

Information current to October 2026. This article is intended for general educational purposes and does not constitute legal advice. Condominium documents, financial circumstances and contractual rights vary. Consult an experienced Ontario real estate lawyer before making binding decisions about a condominium purchase.