A step-by-step guide to the full process, from pre-approval to closing day.
Read the steps below.
01
Get Mortgage Pre-Approval
Know your budget before you tour a single unit. Make sure your broker understands condo-specific lending rules — some lenders restrict buildings under a certain size or with a high investor ratio.
Day 102
Define Your Search Criteria
Floor level, parking, pet policy, maintenance fees, transit access. Get clear on what matters before you start looking — it saves you from falling in love with a unit in a building that doesn't work for your life.
Week 1–203
Tour Properties & Make an Offer
Offers are made on the standard OREA Agreement of Purchase and Sale. Always include a financing condition and a status certificate review condition. Never waive the status certificate condition.
Week 2–604
Review the Status Certificate
Once your offer is accepted, your lawyer reviews the building's full financial and legal health — reserve fund, litigation, special assessments, rules, and more. This is the most critical step in any condo purchase.
After accepted offer05
Get a Home Inspection
Yes, even for condos. An inspector evaluates your unit's HVAC, electrical panel, plumbing, windows, doors, and appliances. Book the same day your offer is accepted — don't wait.
Condition period06
Waive Conditions & Firm Up
Once you're satisfied with the status certificate and inspection, your lawyer signs off and the deal becomes firm. Your deposit is typically due at this point.
~10 days post offer07
Lawyer Prepares for Closing
Title search, land transfer tax calculations, and closing documents. Toronto buyers: budget for the municipal land transfer tax on top of the provincial one.
30–90 days to closing08
Closing Day
Documents signed, mortgage funded, title transfers to your name. You receive the keys.
Closing date
01
Underfunded Reserve Fund
If the building's reserve is below 70–80% of the recommended level, a special assessment may be coming. These one-time charges can run $10,000–$50,000 per unit. Your lawyer flags this during the status certificate review.
02
Artificially Low Maintenance Fees
Developers often set fees low to attract buyers. If a newer building's fees haven't increased, the reserve is likely being underfunded — or a big hike is on the way. Always compare against similar buildings in the area.
03
Active or Pending Litigation
Some lenders won't finance units in buildings with ongoing lawsuits — which also limits your future resale options. Your lawyer will flag any active legal proceedings in the status certificate.
04
High Rental Concentration
Buildings where 35–40%+ of units are investor-owned can trigger lending restrictions and tend to have higher turnover. Confirm the rental ratio before making an offer.
05
Seller in Arrears on Maintenance Fees
Unpaid maintenance fees become a lien on the unit. Under the Ontario Condominium Act, that debt can transfer to you at closing. The status certificate will disclose whether the seller owes anything.
Do I need a realtor to buy a condo in Ontario?
You're not legally required to, but a buyer's agent costs you nothing — commission comes from the seller's side. For condos especially, an agent who knows your target buildings can save you from costly mistakes before you ever make an offer.
Can maintenance fees increase?
Yes, and they do — historically 3–6% per year on average. Always factor the current fee into your total monthly cost, and check the status certificate for any upcoming increases before making an offer.
What is a special assessment?
A one-time charge to all unit owners when the reserve fund can't cover a major repair. They range from a few hundred to $30,000+ per unit. Your lawyer will flag any active or anticipated assessments during the status certificate review.
Is parking always included with the unit?
Not always. Confirm whether the spot is deeded to the unit or exclusive use, and whether it transfers with the sale. Same goes for lockers. Both affect resale value and how they're handled in financing.
Is buying a pre-construction condo different?
Very different. It involves a builder's contract, Tarion warranty protection, occupancy fees before title transfer, and potential delays of 1–3 years. It deserves its own conversation — reach out and we can talk through your specific situation.
Can the corporation tell me I can't have pets?
An outright ban is generally unenforceable under the Ontario Condominium Act if you owned the pet before buying. However, rules restricting pet size, number, or breed are common and generally enforceable. Always check the declaration before purchasing.
Can I renovate my condo unit?
Generally yes, within limits. Most corporations require written approval before work begins — especially anything that touches shared systems like plumbing, HVAC, or electrical. Review the rules document included in the status certificate package before planning any major work.