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.

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!

Many factors can influence pricing, including ceiling height, finishes, extras & upgrades, exterior access, parking and the like. Also, the higher the floor of 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!

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.

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.

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.

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.

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!

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.