As a buyer, you have to make sure to know how the market works before you step in, or you risk missing out on the property of your dreams when you find it. Here are the core questions most buyers have. Feel free to send us one of your own.

1. What is the average cost of parking in a condo building?
2. What is a Status Certificate?
3. Is the condo market going soft?
4. Which is the better investment, a house or a condo?
5. Julie,

   I am very interested in a career in the real estate field. I was wondering if you could forward me some information of how one goes about starting in the field??? This is a very general inquiry, but I am a great people person and would love to enter your field of work. Any information would be greatly appreciated.

   Kind Regards

   Jason Kirton

6. You have a question "What exactly is a LOFT-style unit"? However, you don't really answer it... you just say it's similar to a condo. What's the difference then?
7. Why do prices for the same type of unit vary so much in the same building?
8. How do I find out about the rules & regulations, and how things work at my building?
9. What is the difference between occupancy date and registration date?
10. What is a reserve fund?
11. What is a special assessment?
12. If something breaks in my condo, do I have to fix it or does the condo corporation take care of it?
13. What is a common element?
14. What do my maintenance fees cover, and will they increase?
15. How come the parking and locker numbers on the MLS listing for my condo are totally different from the actual spaces the building has assigned me?
16. Why do I see condos on the Toronto MLS listed for only $15,000 - $25,000?
17. What is the difference between owned parking, exclusive parking and rental parking?
18. What can I do about construction delays?
19. What is the difference between a condominium and a co-op?
20. Hi Jolie

    Which is better, buying a fully constructed condo/resale or buying a Condo that is either planned or being built? How does one go about buying a condo that is under planning or development?

21. In addition to Maintenance fees and mortgage payments on a Condo, are there also property taxes? Condo's seem very expensive when you consider all three of these. Is it actually worth the extra cost?
22. What are the rules for keeping the pool lights on 24/7 in a Toronto condominium?
    We are trying to get out condo board to turn off the lights when the pool is closed (locked) at night. We want to save on our hydro bills.

    Our manager told me it is illegal to turn off the lights in a pool area. We only want it off when it is locked up overnight. We can even install a safety motion sensor.

23. I received a letter from a condo management office stated a house rule, that is new:
    "No noise, cause by any instrument or other device or otherwise, which in the opinion of the Board may or does disturb the comfort of the other occupants shall be permitted." That sound unreasonable to me that people cannot play instruments in their own home. Is the rule legal? Ivy
24. I am a personal trainer. I work from home. I have received a registered letter telling me to cease and desist. I have 2 - 3 clients per day, and do not make noise or harm anyone. Please help.

1. Rating: +0

   
   
   
   
   
   

   What is the average cost of parking in a condo building?

   While this varies from building to building, an average ballpark figure is $20,000 - $25,000 for downtown condominiums. If a parking space is not included with your condo unit, you might have the option to purchase or rent one of these spaces separately.

2. Rating: +0

   
   
   
   
   
   

   What is a Status Certificate?

   The Status Certificate & Related Documents is a document available through the building property manager's office, which is frequently updated & contains information on the building's reserve fund, fees, condo board & structure. This document ought to be examined by a lawyer prior to purchasing a condo unit.

3. Rating: +0

   
   
   
   
   
   

   Is the condo market going soft?

   No! The Toronto condo market is booming. It is not as investor driven as in some countries (i.e. most purchases are intended for occupancy by the buyers) and it is common for a well priced condo to sell with multiple offers.

4. Rating: +0

   
   
   
   
   
   

   Which is the better investment, a house or a condo?

   It depends on your investment objectives and strategy. For example, a house might provide the opportunity to live in while renting out, while a well-located condo pays for itself (given average Toronto rental prices) while appreciating more slowly. We will analyse your own unique situation to help you decide!

5. Rating: +0

   
   
   
   
   
   

   Julie,

   I am very interested in a career in the real estate field. I was wondering if you could forward me some information of how one goes about starting in the field??? This is a very general inquiry, but I am a great people person and would love to enter your field of work. Any information would be greatly appreciated.

   Kind Regards

   Jason Kirton

   Hi Jason,

   For starters you will need to take a lot of courses! You can begin studying online or by correspondence, then as the courses become more intensive, there is an in-class component. You can find out more about an exciting career in real estate by visiting the Ontario Real Estate Association at www.oreacollege.com

6. Rating: +0

   
   
   
   
   
   

   You have a question "What exactly is a LOFT-style unit"? However, you don't really answer it... you just say it's similar to a condo. What's the difference then?

   The differences between a loft and a condo are often blurred, so it's difficult to give a black-and-white answer to this. Hard lofts, considered 'true' lofts, are often converted from commercial buildings and retain the characteristics we all associate with lofts (exposed ceilings, sweeping open concept space, live/work zoning, concrete pillars & columns, walls of windows etc.) However some lofts merely add these touches and call the units loft-style. It is a matter of taste & aesthetics as to which you will find more appealing!

7. Rating: +0

   
   
   
   
   
   

   Why do prices for the same type of unit vary so much in the same building?

   Many factors can influence pricing, including ceiling height, finishes, extras & upgrades, exterior access, parking and the like. Also, the higher the floor within the building, the higher the price (i.e. penthouse suites can sell for significantly more than ground floor suites). Finally, remember that list price - asking price - is not always the same as what the units will actually sell for!

8. Rating: +0

   
   
   
   
   
   

   How do I find out about the rules & regulations, and how things work at my building?

   You can request a copy of your condo's by-laws from the property manager. Also, attending your condo board's meetings is a great way to find out what the building is planning, including reserve fund information, planned or proposed increases to maintenance fees and the like.

9. Rating: +0

   
   
   
   
   
   

   What is the difference between occupancy date and registration date?

   With newly constructed condos, there is an occupancy date at which time you will be charged occupancy fees, whether you have moved into the unit yet or not. It is the time at which the condo is deemed to be completed, though all your finishes may not yet be complete. When the building is fully registered and has closed, the suite is legally completely yours to occupy or dispose of as you please.

10. Rating: +0

    
    
    
    
    
    

    What is a reserve fund?

    The condo's reserve fund is the pool of money they have set aside (required by law) for repairs and replacements to the common elements of the building. It is built up through the payment of monthly maintenance fees and can be depleted when major repairs are needed.

11. Rating: +0

    
    
    
    
    
    

    What is a special assessment?

    A special assessment is a charge that may be levied against your unit by the board of directors of your condo corporation. It requires you to pay a sum of money to pay for repairs that the condo corporation can't cover from its reserve fund - for instance a major overhaul of the garage. The board of directors will usually call a meeting of all unit owners to discuss a prudent course of action.

12. Rating: +0

    
    
    
    
    
    

    If something breaks in my condo, do I have to fix it or does the condo corporation take care of it?

    Your unit is considered to be your property - one of the benefits of ownership! Any repairs within the unit are your responsibility. Repairs outside the unit and regular maintenance like cleaning of hallways etc. are covered in your monthly maintenance fees.

13. Rating: +0

    
    
    
    
    
    

    What is a common element?

    When owning a condo unit, you are said to own the unit itself. Common elements include such things as building amenities (gym, sauna, party rooms etc.) and the hallways, elevators and the like - anything that will be shared by unit owners for common use.

14. Rating: +0

    
    
    
    
    
    

    What do my maintenance fees cover, and will they increase?

    Each condo building is different in terms of what your maintenance fees cover. This information can be obtained on the MLS listing for a condo or by obtaining a list of covered items through the property management company or condo corporation. In most condo buildings, common elements and building insurance are covered; some condos cover parking, locker, and/or many utilities like heat, hydro and central air.

15. Rating: +0

    
    
    
    
    
    

    How come the parking and locker numbers on the MLS listing for my condo are totally different from the actual spaces the building has assigned me?

    Good question! Some condo buildings have an internal labelling system for their parking spaces and lockers. This means there can be three different descriptions of these spaces: the legal descriptions as found in Land Registry, the numbers stated on the MLS listing, and the condo building's own designations. To prevent confusion, ask the property manager to visit these spaces prior to moving in.

16. Rating: +0

    
    
    
    
    
    

    Why do I see condos on the Toronto MLS listed for only $15,000 - $25,000?

    You're not hallucinating! Those are parking spaces being sold separately from condo units.

17. Rating: +0

    
    
    
    
    
    

    What is the difference between owned parking, exclusive parking and rental parking?

    Owned parking means that you are purchasing a parking space along with or separate from your condo unit. It's yours to sell as you please. Exclusive use means you are assigned a parking space that's yours, and only yours, to use as long as you own your condo. Rental parking is sometimes available for units that don't come with owned or exclusive parking - inquire with the property manager!

18. Rating: +0

    
    
    
    
    
    

    What can I do about construction delays?

    In your original Agreement of Purchase when buying a new condo, a building schedule is outlined with provisions for construction delays and the builder's obligation to you as a buyer. Please review the entire document carefully with your lawyer to determine what recourse if any you might have, as delays can be costly and tiresome!

19. Rating: +0

    
    
    
    
    
    

    What is the difference between a condominium and a co-op?

    Certain characteristics differentiate the two. Co-ops often have a much lower purchase price, but demand a much larger down payment - up to 75% of asking price! The major difference is ownership - in traditional condominiums your unit is entirely owned by you and common elements are shared, whereas with a co-op each shareholder owns a piece of the entire building.

20. Rating: +0

    
    
    
    
    
    

    Hi Jolie

    Which is better, buying a fully constructed condo/resale or buying a Condo that is either planned or being built? How does one go about buying a condo that is under planning or development?

    Hi there,

    There are pros & cons to both! We mainly work with resale condominiums as opposed to new builds. If you are interested in purchasing a condo in the planning or development stages, there are websites you can sign up at (just do an online search for "new condos Toronto") and they will inform you of any new projects. The real estate section of your daily newspaper also has many ads for new projects and these usually have a sales centre where you can find out more information, visit a model suite, and put a deposit down on a new suite. Not all builders cooperate with real estate agents, so if you're doing this on your own without an agent, please be sure to have your lawyer review all the offer documents to ensure your investment is a wise one. With a new build, you get to save $ with pre-construction pricing, pick finishes and of course have the opportunity to be the first to live in your suite - however, new builds often face construction delays and the like which can be frustrating. When you move into an existing condominium building, everything has been done for you and is all ready to go, there are no surprises, and you may be able to make changes & upgrades to your suite as desired depending on the board's bylaws. Deciding whether to buy new or re-sale is a big decision - good to discuss with your agent!

21. Rating: +0

    
    
    
    
    
    

    In addition to Maintenance fees and mortgage payments on a Condo, are there also property taxes? Condo's seem very expensive when you consider all three of these. Is it actually worth the extra cost?

    Hi Andy,

    Yes there are also property taxes on condominiums. Considering whether condos are a good investment depends on your lifestyle and a lot of it comes down to personal taste. In terms of fees, in a freehold home you would not be paying maintenance fees of course, but when large repairs become necessary (i.e. roof, basement, exterior landscaping etc.) the cost is your responsibility, so depending on how renovated your home is, you might be looking at the equivalent of monthly maintenance fees in your own 'repairs fund' for your home!
    A good marriage of the two are the popular condo townhomes, such as those in King West Village. The maintenance fees are low because rather than paying for upkeep of expensive amenities like pools, gyms & the like, your fees typically cover basic landscaping & snow removal. It's one way to keep those monthly costs low!

22. Rating: +0

    
    
    
    
    
    

    What are the rules for keeping the pool lights on 24/7 in a Toronto condominium?
    We are trying to get out condo board to turn off the lights when the pool is closed (locked) at night. We want to save on our hydro bills.

    Our manager told me it is illegal to turn off the lights in a pool area. We only want it off when it is locked up overnight. We can even install a safety motion sensor.

    Hi Eve,

    I would examine your condo board's bylaws and then pursue this further with the city if your management company refuses to consider the idea of turning the lights off! You can access the City of Toronto Municipal Code and get contact information for your local city councillor at http://www.toronto.ca/city_hall/index.htm

23. Rating: +0

    
    
    
    
    
    

    I received a letter from a condo management office stated a house rule, that is new:
    "No noise, cause by any instrument or other device or otherwise, which in the opinion of the Board may or does disturb the comfort of the other occupants shall be permitted." That sound unreasonable to me that people cannot play instruments in their own home. Is the rule legal? Ivy

    Hi Ivy,

    That is a tricky one! I would obtain a copy of your condo board's by-laws to find out exactly what the repercussions are for violating such an order. As a property owner you are entitled to reasonable enjoyment of your premises, but with multi-unit living this gets complicated. A real estate lawyer experienced in these sorts of cases is your best bet!

24. Rating: +0

    
    
    
    
    
    

    I am a personal trainer. I work from home. I have received a registered letter telling me to cease and desist. I have 2 - 3 clients per day, and do not make noise or harm anyone. Please help.

    Hi Ken, we are so sorry to hear of your dilemma. There might be something in your condo's by-laws explicitly stating that home based businesses of that type are not permitted. I would advise that you obtain a copy of the by-laws and take this as well as the registered letter, to a lawyer - you definitely need to seek legal help on this issue!