The condo buyer's guide
Seven steps from first search to keys in hand, written for Ontario condo buyers.
1. Set a monthly budget, not just a price
Get a mortgage pre-approval, then add the maintenance fee and property tax to see the real monthly number. Lenders count the fee when they qualify you, so a lower-fee building can raise what you are approved for.
2. Choose the building as carefully as the unit
You are buying a share of the whole building. Look at its age, its management, the fee per square foot and what it covers, and how units there have sold. Two similar units in different buildings can be very different purchases.
3. See it in person
Visit at different times of day. Check the noise, the light, the elevators and the condition of the hallways and amenities. Common areas tell you how well the building is run.
4. Make an offer with the right conditions
Most resale condo offers include a financing condition and a condition for your lawyer to review the status certificate. In a competitive situation there are ways to stay protected and still be attractive to the seller, and a condo specialist will walk you through them.
5. Have the status certificate reviewed
Your lawyer reads the building's finances, rules and legal position and tells you whether anything should stop you. What the status certificate contains.
6. Budget for closing costs
Plan for land transfer tax, legal fees, title insurance and adjustments for prepaid fees and taxes. In the City of Toronto there is a second, municipal land transfer tax. The calculators estimate both.
7. Close and move in
Your lawyer registers the transfer and you get the keys, fobs and garage remote. Book the elevator with property management before moving day; most buildings require it.
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Talk to a condo specialist today. Honest answers, no pressure.