A condo is part of a corporation that shares the building, the reserve fund and any lawsuits. Before you make a resale offer firm, read the corporation’s official disclosure document: the status certificate in Ontario, or the Form B information certificate in British Columbia.
Ontario: the status certificate
Anyone can ask the condo corporation for a status certificate on a unit. The corporation must provide it within 10 days of the request and payment, and the fee is capped at $100 including taxes and materials. Some corporations offer a faster service for more, but the $100, 10-day option must be available. The certificate binds the corporation in favour of a buyer or lender who relies on it. Source: Condominium Authority of Ontario.
It includes the budget and the latest audited financial statements, the status of the reserve fund study, any arrears on the unit, special assessments, insurance certificates, the declaration, by-laws and rules, and any judgments or lawsuits against the corporation.
British Columbia: Form B
An owner, a buyer or someone they authorize can request a Form B information certificate. The strata corporation must provide it within one week, and it can charge at most $35 plus up to 25 cents a page for copies. The rules, the current budget and the most recent depreciation report must be attached, and since 2023 Form B also summarizes the strata’s insurance and electrical planning report. Source: Government of British Columbia.
What to look for
- A reserve fund that is small for the age of the building, or a study that calls for large increases.
- Special assessments that are planned or already approved, and who pays them after the sale.
- Lawsuits, insurance deductibles and claims that could lead to higher fees.
- Rules on rentals, pets and renovations that affect how you plan to use the unit.
Plan for the monthly fees
Lenders count half of the condo fees in your debt service ratios. Add them in the affordability calculator or the GDS and TDS calculator. Your lawyer or notary should review the certificate before you remove conditions.
Try the affordability calculator →
Official source
Condominium Authority of Ontario · Status certificates
This guide explains general rules. Confirm your figures with your lender, lawyer, or the official source before you act.