Reading a Condo Status Certificate Before You Buy a Toronto Condo

The short answer

A condo status certificate is the one document that tells you what you are really buying into when you buy a resale condo in Toronto. It covers the unit itself, such as its monthly common expenses and whether anything is owed. It also covers the corporation that runs the building, such as its reserve fund, budget, insurance and any lawsuits.

The rules are provincial. Section 76 of the Condominium Act, 1998 says a corporation must give a status certificate to anyone who asks for one. Ontario Regulation 48/01 caps the fee at $100 including taxes and sets out extra contents. The corporation has 10 days after receiving the request and the fee to deliver it.

Condos are a large part of the Toronto market. TRREB counted 885 condo apartment sales and 120 condo townhouse sales in the City of Toronto in August 2026, out of 1,767 sales in total. Each of those buyers had a status certificate to read. This guide explains what is in one and what to look at first. It is general information, not legal advice. Your own real estate lawyer should review the certificate for the unit you are buying.

What is a status certificate for a condo in Ontario?

Under section 76(1) of the Act, the certificate must be in the prescribed form and must state the date it was made. The regulation adds that it must be titled “Status Certificate” and follow the form that the Condominium Authority of Ontario (CAO) specifies and the Minister approves.

If you are searching for a condo status certificate example, the CAO is where to look. The regulation requires the CAO to publish the form on its website and its status certificate page offers it for download. Reading the blank form before you receive a real one makes the real one much faster to work through.

The CAO describes status certificates as particularly important for buyers of resale condos and says condo buyers should have their lawyers review them.

Fee, deadline and form at a glance

Question	Answer	Source
Who can ask for one	Anyone who requests one	Condominium Act, s. 76(1); CAO
Maximum fee	$100, inclusive of all applicable taxes and all required material	O. Reg. 48/01, s. 18(4)
Deadline	10 days after the corporation receives the request and payment	Condominium Act, s. 76(3)
Form	The form the CAO specifies and the Minister approves	O. Reg. 48/01, s. 18(2)
Binding effect	Binds the corporation as of the date given, as against a purchaser or mortgagee who relies on it	Condominium Act, s. 76(6)

The 10 day clock starts only once the corporation has both the request and the fee. If your offer is conditional on a lawyer’s review, count back from your condition date and ask for the certificate the day your offer is accepted.

The lines that affect what you will pay each month

These parts of the certificate change your carrying cost, which also matters for your mortgage approval.

• Common expenses and default. The monthly fee for the unit and whether the current owner is behind. Under section 85, an owner’s default gives the corporation a lien against the unit. The regulation requires the certificate to say whether a certificate of lien has been registered.
• Declared increases. Any increase in common expenses the board has declared since the current year’s budget, with the reason.
• Assessments. Any assessment levied against the unit since the budget to increase the reserve fund contribution, with the reason. The regulation adds assessments to increase the operating fund.
• Known pressures. The regulation requires a statement of what the corporation knows about circumstances that may increase the common expenses for the unit.
• The budget. A copy of the current budget, the last audited financial statements and the auditor’s report, plus a statement of any surplus or deficit the budget may produce.

The fee feeds straight into your approval. The Financial Consumer Agency of Canada counts 50% of your condo fee in the housing costs a lender tests you against, so a higher fee or a declared increase shrinks what you can borrow. Our post on the mortgage stress test at Toronto prices works through a condo example with the fee included.

The reserve fund section

Section 93 of the Act requires every corporation to maintain a reserve fund, used solely for major repair and replacement of the common elements and assets. Owners pay into it through their common expenses. Section 94 requires periodic reserve fund studies and the regulation requires a new study within every three years after the one before.

On the certificate, section 76(1)(m) requires a statement about the most recent reserve fund study and its updates, the amount in the fund as of the end of a month within 90 days of the certificate date and any current plans to increase the fund. Where the corporation has not sent owners a notice of a funding plan, the regulation also asks for the balance at the start of the fiscal year, the unit’s annual contribution, the expected spending and whether the board expects the fund to be adequate this year.

The date of the latest study and the gap between planned contributions and planned spending are the numbers to ask your lawyer about first.

The documents that affect how you can live there

• Declaration, by-laws and rules. Copies are required. They set what you can do with the unit, including pets, leasing and renovations.
• Leasing activity. The number of units the corporation was notified were leased in the previous fiscal year.
• Proposed changes. Substantial additions, alterations or improvements to the common elements that the board has proposed but not carried out, with their purpose. Substantial proposed changes to assets or services are listed too.
• Agreements. A list of current agreements, such as management agreements and mutual use agreements. Section 76(7) and (8) let the person who paid for the certificate examine them and ask for copies.
• Electric vehicle charging. The regulation requires a statement of any proposed installation of an electric vehicle charging system.
• Insurance. A certificate or memorandum of insurance for each current policy and a statement of whether the corporation has secured all insurance the Act requires.
• Legal actions. Outstanding judgments against the corporation and the status of legal actions it is a party to.
• Inspector or administrator. A statement of whether the court has appointed either one, which points to serious governance problems.

If the certificate is late or incomplete

If the corporation misses the 10 day deadline, section 76(5) deems it to have given a certificate on the next day stating three things: no default in common expenses for the unit, no increase declared since the current budget and no reserve fund assessment levied against the unit since that budget.

Separately, section 76(4) deems a certificate that omits required material information to include a statement that there is no such information. Section 76(6) then makes the certificate binding on the corporation as against a buyer or lender who relies on it.

Those protections are narrow. A deemed certificate says nothing about the reserve fund study, lawsuits, insurance or the rules. If the certificate has not arrived, speak to your lawyer about extending your condition before it expires.

Where the certificate fits in a Toronto condo offer

The RECO buyer’s checklist suggests making an offer conditional, where possible, on financing, a home inspection or other factors that matter to you. For a resale condo, a lawyer’s review of the status certificate is the obvious one. RECO also warns that in competing offers it can be tempting to waive conditions and suggests thinking twice.

When a seller already has a recent certificate, your lawyer may be able to read it before you submit. Check the date on it, because the reserve fund figure is only current to within 90 days of that date and a fee increase can be declared after it.

A condo purchase in Toronto also carries two land transfer taxes on closing, the provincial tax and the City of Toronto’s municipal tax. Our Toronto land transfer tax calculator shows both. For first-time buyers, our guide to the FHSA and Home Buyers’ Plan in Toronto explains how to fund the down payment. A condo is also a common next step for owners leaving a house, which our Toronto downsizing guide covers.

Questions to put to your lawyer

1. Does the certificate show any arrears, lien, declared increase or assessment on this unit?
2. When was the last reserve fund study and does the funding plan match the expected spending?
3. Does the budget show a deficit and what do the audited statements say?
4. Are there lawsuits, judgments or insurance gaps and what could they cost owners?
5. Do the rules allow what I plan to do with the unit, including pets, leasing and renovations?
6. Has the board proposed any substantial changes that could lead to higher fees?

Our buyer page explains how we search for and make offers on Toronto condos. If you are comparing buildings and want help reading them side by side, contact us.