Published 2 November 2026 · By Jatin Dua, Broker of Record, RE/MAX Quantum Realty
Before buying a condo in Ontario in 2027, check the status certificate (up to $100, due within 10 days), the reserve fund study, the full monthly cost including fee increases and insurance deductibles, the rules on pets and rentals, and the suite’s price against recent sales in the same building. Make your offer conditional on your lawyer’s review.
This checklist is for anyone buying a resale condo in Toronto or the GTA in 2027, whether it is your first home, a downsize or a rental. You get the five things I check on every condo deal, the rules behind each one in Ontario’s Condominium Act, and the red flags that should make you slow down or walk away.
What should you check before buying a condo in Ontario?
When you buy a condo, you buy two things: your suite and a share of a corporation that owns the hallways, roof, garage, pool and everything else. A beautiful suite in a badly run building is a bad purchase. These are the five checks I never skip:
- The status certificate.
- The reserve fund and the major repairs coming.
- The real monthly cost: fees, recent increases and insurance.
- The rules: pets, rentals, short-term rentals and renovations.
- The suite itself, the parking and locker, and the price against recent sales.
With condo prices lower going into 2027, buyers have more time to do this work. Use it.
1. Read the status certificate line by line
The status certificate is the condo corporation’s official snapshot of the building and your unit. Section 76 of Ontario’s Condominium Act lists what it must contain, including:
- the monthly common expenses (the condo fee) for the unit, and whether the seller owes any;
- any fee increase the board has declared since the current budget, and why;
- any special assessment levied since the budget to top up the reserve fund;
- all outstanding judgments against the corporation and the status of any lawsuits;
- the current budget, the last audited financial statements and the auditor’s report;
- the most recent reserve fund study, the fund balance, and any plan to increase it;
- the number of units the corporation was told were leased in the last fiscal year;
- the declaration, by-laws, rules and the insurance certificates.
The Condominium Authority of Ontario (CAO) says a corporation can charge up to $100, including taxes, and must offer that $100 option with delivery within 10 days. Faster delivery can cost more. If the corporation misses the 10-day deadline, the Act deems it to have issued a certificate saying there are no arrears, no declared fee increase and no new assessment, and the certificate binds the corporation for a buyer who relies on it.
Most buyers make their offer conditional on their lawyer reviewing the certificate. My guide on status certificate conditions explains why a short condition period can be a trap.
2. Check the reserve fund and the repairs coming
The reserve fund is the building’s savings account for major repairs and replacements of the common elements, such as roofs, windows, elevators and the garage. The CAO calls it a mandatory bank account, and says contributions must be enough to reasonably cover future major work.
How much is in the fund matters less than whether it matches the plan. The CAO notes that a fund’s size alone does not show financial health; what matters is whether the corporation can pay for projects when they come due. Reserve fund studies follow a set cycle:
| Study | What it is | When it is required |
|---|---|---|
| Class 1 | Comprehensive study | Within the first year after the condo is registered |
| Class 2 | Update with a site inspection | Alternating with Class 3, at least every three years |
| Class 3 | Update without a site inspection | Alternating with Class 2, at least every three years |
Source: Condominium Authority of Ontario, reserve fund guidance; Condominium Act, 1998, ss. 93–94.
Ask for the full study, not just the summary in the certificate. Look at the 30-year table of planned spending and contributions. If big projects are due in the next few years and the plan relies on steep fee increases, budget for them now. My guide to reserve funds and special assessments shows how to read the numbers.
3. Know your real monthly cost: fees, increases and insurance
The condo fee is part of your monthly cost of owning, on top of the mortgage, property tax and insurance. Three things to check:
- What the fee covers. Some buildings include heat, hydro and water. Others meter each suite. Two similar suites can differ by hundreds of dollars a month once utilities are added.
- Recent and planned increases. The certificate must disclose any increase declared since the budget. Compare this year’s budget with last year’s audited statements to see whether spending is running ahead of fees.
- The insurance deductible. Under section 105 of the Act, if you, your tenant or someone living in your unit damages the unit, the lesser of the repair cost and the corporation’s insurance deductible can be added to your common expenses. A by-law can widen that. Check the deductible on the insurance certificate and buy unit-owner insurance that covers it.
Condo Valuation
What’s your condo
worth today?
Three quick steps. Condos don’t price like houses — your floor, your view, and whether you own parking move the number more than anything else. This weighs all of them.
Reading recent condo sales…
Estimated market value
—
$0–$0
Most likely $0 · about $0 per square foot
What moved the number
Starting from what comparable units in your area sell for, here’s what your specifics added or subtracted.
Market context
—
—
Two units, same floor plan,
$90,000 apart.
That happens constantly in condos — one has the parking, the right exposure, or a board that keeps the reserve fund healthy. A model can’t see your status certificate. I can.
4. Read the rules before you fall for the suite
The declaration, by-laws and rules are part of the status certificate package, and they bind every owner. Read them for anything that affects how you plan to live:
- Pets. Some buildings limit the number, size or type.
- Renting out. Section 83 of the Act requires an owner who leases a unit to notify the corporation within 10 days and give the tenant the declaration, by-laws and rules. The certificate also shows how many units were leased last year. A building with a high share of tenants can feel different from one that is mostly owner-occupied.
- Short-term rentals. In Toronto, a short-term rental is one of less than 28 consecutive days, and the City only lets residents rent out their principal residence on a short-term basis. Many condo declarations ban them outright. Do not buy a downtown suite planning to run it as a short-term rental without checking both.
- Renovations. Many buildings need board approval for changes such as new flooring, because of noise. Ask before you budget for a renovation.
You can also look the building up on the CAO’s free Condo Registry, which shows the corporation’s address for service, number of voting units, directors and management company.
5. Check the suite, the parking and the price
Once the building checks out, look hard at what you are actually buying:
- A home inspection. A condo inspection covers less ground than a house inspection, since the building’s structure and roof belong to the corporation, but it can catch leaks under sinks, failing windows, old electrical panels in older buildings and heating or cooling units near the end of their life. See my guide to home inspection costs in Ontario.
- Parking and locker. Confirm whether each is a separately owned unit, an exclusive-use common element assigned to the suite, or a rental. Your lawyer can confirm this from the title and the declaration.
- Rented equipment. Ask whether the water heater, heat pump or any other equipment in the suite is rented from a supplier. If it is, ask for the contract, because it may pass to you on closing and add a monthly charge you did not plan for.
- How many suites are for sale. A cluster of listings in one building can be a sign that owners are reacting to something, such as a coming assessment or a fee increase. Ask the listing agent directly and compare what you hear with the certificate.
- The price. Compare the asking price with sales of similar suites in the same building over the last 6 to 12 months. City-wide medians are a starting point, not a valuation.
In my experience, the deals that go wrong are rarely about the suite. They are about a building that underfunded its reserve fund for years and then hits owners with a special assessment or a big fee jump right after closing. So I tell every buyer: read the reserve fund study before you fall in love, and give your lawyer real time with the status certificate. In 2027, with fewer competing offers in most condo buildings, a seller will usually accept a proper condition period. If they will not, ask yourself why.
Are condo prices still falling in the GTA?
Yes, for now. In October 2026, TRREB reported 1,385 condo apartment sales across its market, down 10.4% from a year earlier, with an average price of $621,400, down 5.8%. Year-to-date medians tell the same story:
| Area | Condo apt median 2026 | Change vs 2025 | Sales | Active listings | Avg days on market |
|---|---|---|---|---|---|
| Toronto C01 (downtown) | $600,000 | −6.6% | 2,138 | 1,117 | 37 |
| Toronto C08 (downtown east) | $565,000 | −7.4% | 1,257 | 835 | 38 |
| Mississauga | $485,000 | −9.3% | 1,213 | 813 | 42 |
| Vaughan | $530,000 | −10.9% | 664 | 423 | 42 |
| Markham | $558,000 | −13.2% | 582 | 326 | 39 |
Source: TRREB MLS data via REALM, January–October 2026 vs the same period of 2025; TRREB Market Watch, October 2026. Medians are for each district or city as a whole.
Lots of listings and slower sales give buyers time to do proper checks and room to negotiate. My view on where prices go next is in are condo prices going down in Toronto in 2027.
A low price can be a warning, not a bargain. If a building’s suites sell well below similar buildings nearby, there is often a reason: a lawsuit, a special assessment, a thin reserve fund or a long list of repairs. Find the reason in the status certificate before you count the savings. My guide to reading a status certificate like a buyer’s lawyer lists what to look for.
What to do next
- Get pre-approved, and ask your lender how the condo fee affects the amount you qualify for.
- Before you offer, ask the listing agent whether a recent status certificate is available, and request the reserve fund study.
- Make your offer conditional on your lawyer’s review of the status certificate and on a home inspection.
- Read the rules for anything that affects pets, renting or renovating.
- Compare the price with recent sales in the same building, not just the city median.
Need help with this? Talk to me.
I’m Jatin Dua, Broker of Record at RE/MAX Quantum Realty, and I’m the best agent to do this kind of work for you in Toronto and across the GTA. Over $100 million in GTA sales and 100+ families helped sell. Feel free to contact me any time: call or text 833-330-1925 or email [email protected].
Frequently asked questions
What should I check before buying a condo in Ontario?
Check five things before buying a condo in Ontario in 2027: the status certificate, the reserve fund study, the full monthly cost including fees and insurance deductibles, the building’s rules on pets, rentals and renovations, and the suite itself with its parking, locker and recent sale prices. Make your offer conditional on a lawyer’s review of the status certificate and a home inspection.
How much does a status certificate cost in Ontario?
A condo corporation in Ontario can charge up to $100 for a status certificate, including taxes, according to the Condominium Authority of Ontario. It must offer that $100 option with delivery within 10 days. Some corporations offer faster delivery for a higher fee. Your lawyer should review the certificate before your offer becomes firm.
What happens if the condo does not provide the status certificate in 10 days?
Under section 76 of Ontario’s Condominium Act, a corporation that misses the 10-day deadline is deemed to have issued a certificate the next day saying there are no fee arrears for the unit, no fee increase declared since the budget and no new reserve fund assessment. That deemed certificate binds the corporation for a buyer who relies on it. Your lawyer should still chase the real document.
What are red flags in a condo status certificate?
The main red flags in an Ontario status certificate are a special assessment, a fee increase declared since the budget, lawsuits against the corporation, a reserve fund that looks thin against the repairs in the latest study, and a court-appointed inspector or administrator. A high number of leased units can also change how a building feels. Have your lawyer explain anything unusual before you firm up.
How often does a condo need a reserve fund study in Ontario?
An Ontario condo needs a comprehensive Class 1 reserve fund study within the first year after it is registered. After that, updated studies alternate between Class 2, with a site inspection, and Class 3, without one, at least every three years, according to the Condominium Authority of Ontario. The status certificate must include a statement about the most recent study and the fund balance.
Who pays the condo insurance deductible in Ontario?
It depends who caused the damage. Under section 105 of Ontario’s Condominium Act, if an owner, a tenant or someone living in the unit damages the unit, the lesser of the repair cost and the corporation’s deductible can be added to that owner’s common expenses. A condo by-law can widen this. Buy unit-owner insurance that covers the building’s deductible.
Can I rent my condo on Airbnb in Toronto?
Only in limited cases. The City of Toronto defines a short-term rental as less than 28 consecutive days and only lets residents rent out their principal residence on a short-term basis, so an investment condo you do not live in does not qualify. Many condo declarations also ban short-term rentals. Check both the city rules and the building’s declaration before you buy.
Do I need a home inspection when buying a condo?
A home inspection is not required by law for an Ontario condo, but I recommend one. An inspector can find leaks, worn windows, old wiring and heating or cooling units near the end of their life inside the suite. The status certificate and reserve fund study cover the common elements; the inspection covers what you will own and repair yourself.
Are condo prices going down in the GTA in 2027?
Condo prices were still falling in late 2026. TRREB reported an average condo apartment price of $621,400 in October 2026, down 5.8% from a year earlier, and year-to-date medians in downtown Toronto, Mississauga, Vaughan and Markham were down 6.6% to 13.2% (TRREB MLS data via REALM). Nobody can promise what happens in 2027, so attribute any forecast to its source.
How can I find out who manages a condo building in Ontario?
Search the Condominium Authority of Ontario’s Condo Registry. It is free and lets you look up a condo corporation by name, director or municipal address. Results include the corporation’s address for service, the number of voting units, board director names and the management company. The registry is for personal use, and the status certificate remains the official source for a purchase.
Sources
- Condominium Act, 1998 (Ontario e-Laws)
- Condominium Authority of Ontario: What is a status certificate?
- Condominium Authority of Ontario: What is a reserve fund?
- Condominium Authority of Ontario: Reserve funds guide
- Condominium Authority of Ontario: Condo Registry search
- City of Toronto: Short-term rentals
- TRREB Market Watch, October 2026
Related reading
- Top 5 Best Neighbourhoods to Live in Mississauga in 2027
- Top 5 Best Neighbourhoods to Live in Brampton in 2027
- Top 5 Best Neighbourhoods to Live in Markham in 2027
- Top 5 Best Neighbourhoods to Live in Oakville in 2027
About the author — Jatin Dua, Toronto and GTA real estate broker
I am Jatin Dua, Broker of Record and co-founder of RE/MAX Quantum Realty Inc., Brokerage, Unit 101, 799 The Queensway, Toronto. I work with buyers and sellers across Toronto and the GTA and have helped more than 100 families sell. Four-plus years of active GTA transactions and over $100 million in sales volume.
Reach me at [email protected] or 833-330-1925, or book a call.