Published 7 September 2026 · By Jatin Dua, Broker of Record, RE/MAX Quantum Realty
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Get My Free Estimate →A condominium corporation may charge a maximum of $100 including all applicable taxes for a status certificate, and must provide it within 10 days of the request. That cap applies regardless of whether the unit is worth $500,000 or $5 million.
It discloses the reserve fund and the most recent reserve fund study, any special assessment levied during the current budget year and the reason for it, whether the unit is in arrears of common expenses, any outstanding judgments or litigation involving the corporation, the declaration, by-laws and rules, the current budget, the most recent audited financial statements and the certificate of insurance. Read in the right order, it tells you almost everything about the financial health of the building.
What it is, and what it costs
A status certificate is the condominium corporation’s formal statement about itself and about your specific unit, issued on request. Under the Ontario Condominium Act:
- The corporation may charge a maximum of $100 including all applicable taxes
- It must be provided within 10 days of the request
That $100 buys you the corporation’s finances, its rules, its insurance position, its litigation exposure and the status of your unit. There is no better value in a real estate transaction anywhere in Ontario.
Read it in this order
1. The reserve fund, against the reserve fund study
The reserve fund pays for major repair and replacement — roof, garage membrane, elevators, windows, mechanical plant. The reserve fund study projects what will be needed and when. The single most important comparison in the document is the actual balance and contribution rate against what the study calls for.
A shortfall does not disappear. It becomes a fee increase, a special assessment, or deferred maintenance that shows up later as a larger bill.
2. Special assessments in the current budget year
The certificate must disclose any levied during the current budget year and the reason. One assessment for a defined, completed project is normal. A pattern of them is a signal about how the building is managed.
3. Litigation and judgments
Any outstanding judgments or litigation involving the corporation must be disclosed. In newer luxury buildings, construction deficiency claims are common. Have your lawyer read what the claim actually is, what stage it is at, and who bears the cost if it goes badly.
4. Arrears on the unit
Whether the specific unit owes common expenses. Unpaid common expenses are a lien on the unit, which is why this line exists.
5. The declaration, by-laws and rules
These govern how you can live in and use the unit. At the top end the provisions that matter most are:
- Minimum lease terms and any short-term rental prohibition
- Renovation rules, hours, approvals and any restriction on combining units
- Pet restrictions
- Whether parking and lockers are owned, exclusive-use common elements, or leased
- Any restriction on corporate or trust ownership
6. Insurance, and the deductible allocation
Read who pays the deductible when a loss originates in a unit. In many corporations the unit owner is responsible for the corporation’s deductible in defined circumstances, and those deductibles can be substantial. This is what your own unit-owner policy is for, and it needs to be sized to the actual number.
7. The budget and audited financial statements
The budget shows what is planned. The audited statements show what actually happened. Where they diverge repeatedly, that is information.
What a status certificate does not tell you
- Whether a special assessment is coming next year
- What your neighbours are like
- Whether the building has noise, water or elevator problems that have not yet become litigation
- Whether your view will survive future development on adjacent sites
For those, you need the reserve fund study read properly, the minutes if you can get them, a conversation with the property manager, and your own check of development applications nearby.
The practical takeaway
Order it early, give your lawyer time, and read the reserve fund study rather than just the reserve fund balance. Buyers who get hurt in Ontario condominiums are almost never the ones who paid too much for the unit. They are the ones who bought into a corporation whose bills had not arrived yet.
Frequently asked questions
How much can a condo corporation charge for a status certificate?
A maximum of $100 including all applicable taxes, set under the Ontario Condominium Act. Rush or expedited retrieval through third-party services is separate and is not capped.
How long does a status certificate take?
The corporation must provide it within 10 days of the request. Build that into your conditional period rather than assuming it will arrive overnight.
What is a reserve fund study and why does it matter?
It is a professional projection of the corporation’s major repair and replacement obligations and the funding needed to meet them. If the actual reserve fund is materially below what the study calls for, the shortfall has to come from somewhere — usually a fee increase or a special assessment.
Does the status certificate show special assessments?
It must disclose any special assessment levied during the current budget year and the reason for it. It does not predict future assessments, which is why the reserve fund study and the pattern of past assessments matter so much.
What if the corporation is in litigation?
The status certificate must disclose outstanding judgments and litigation involving the corporation. In newer luxury buildings this is often about construction deficiencies. It is not automatically a reason to walk away, but it is a reason to have your lawyer read the detail and to understand who would fund a loss.
Can I get a status certificate before making an offer?
The corporation is generally required to provide one to an owner, a purchaser or a mortgagee, or someone authorised by them. In practice, buyers usually order it during a status certificate condition after acceptance. If you intend to go firm, arrange to obtain and review it beforehand.
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Related reading
- Buying a luxury condo in Toronto: the 2026 buyer’s guide
- Why luxury condo maintenance fees are so high — and when they are worth it
- There is no cooling-off period on a resale home in Ontario
- The Toronto luxury condo market in 2026: two markets in one city
Sources
Everything above that is a rule, a rate or a published number comes from these. Verify anything that matters to your own deal.
About the author — Jatin Dua, Broker of Record
I’m the Broker of Record at RE/MAX Quantum Realty, 799 The Queensway in Etobicoke, and I work with buyers, sellers and investors across Toronto and the west GTA. A large part of my work sits in the upper end of the market, where the comparables are thin, the rules are heavier and the cost of a wrong number is measured in hundreds of thousands of dollars.
The free estimators on this site are mine. I built them because the first question every owner asks is “what is it worth?” and the honest answer starts with a number you can check yourself. connect@jatindua.com or 437-987-1925.