Buying a Condo in the GTA: What Buyers Should Know Right Now

Updated: February 2026

Written by the Keith and Françoise Real Estate Team, Ontario Realtors®, advising buyers across the Greater Toronto Area and Niagara Region.

How buying a condo differs from buying a freehold home

Condo ownership is different from freehold ownership. Instead of owning the building and the land outright, condo buyers own a unit and share ownership of common elements such as hallways, elevators, garages, roofs, and amenities. That shared ownership structure affects monthly costs, rules, maintenance responsibilities, and long-term planning.

In practical terms, the “building” matters as much as the unit. A well-run corporation with healthy reserve planning can support stable ownership costs, while poor management or deferred maintenance can lead to surprise expenses later.

For the broader buying framework and offer structure, see Buying a Home in Ontario and the section on offer conditions in Ontario.

Understanding condo maintenance fees in the GTA

Maintenance fees (often called common expenses) fund the day-to-day operation of the condo corporation. What they include varies by building and condo type.

• Condo apartments often have higher fees because they include elevators, staffed lobbies, amenity spaces, and more complex mechanical systems. Some buildings also include heat or water, while others do not.
• Condo townhouses often have lower fees because there are fewer amenities and less shared infrastructure. Fees commonly cover exterior maintenance like roofing, landscaping, snow removal, shared roadways, and sometimes exterior windows or doors depending on the corporation.

Lower fees are not automatically better. If reserve fund contributions are too low for the building’s repair schedule, owners can face special assessments or sharp fee increases later. The goal is a fee structure that reflects realistic operating costs and long-term repair planning.

Why the status certificate matters when buying a condo

The status certificate is one of the most important documents in a GTA condo purchase. It provides a snapshot of the corporation’s finances, legal issues, and governing rules, and it can reveal risks that are not obvious during showings.

Buyers typically rely on their lawyer to review the status certificate as part of due diligence. In plain terms, you’re looking for signals that the corporation is financially stable, properly insured, and not facing a near-term funding problem.

For an official overview of what status certificates are and how they work in Ontario condominiums, see: Condominium Authority of Ontario – Status Certificates .

What a status certificate review can reveal

While every building is different, a status certificate review commonly helps confirm:

• Reserve fund health and whether funding appears adequate relative to the repair plan
• Legal issues such as litigation or disputes involving the corporation
• Rule restrictions that affect pets, leasing, renovations, and short-term rentals
• Insurance coverage and the corporation’s approach to claims
• Budget and arrears patterns that can signal management quality

Reserve funds, reserve fund studies, and why buyers should care

A reserve fund is the corporation’s dedicated account for major repairs and replacement of common elements and assets. In Ontario, reserve funds and reserve fund studies are a core part of condo operations, and they directly affect future fee increases and the likelihood of special assessments.

For Ontario-specific guidance on reserve funds and reserve fund studies, see: Condominium Authority of Ontario – Reserve Funds and Reserve Fund Studies .

If you want the legal grounding, the Ontario Condominium Act requires condo corporations to establish and maintain reserve funds: Ontario.ca – Condominium Act, 1998 .

How special assessments typically happen

Special assessments often arise when the reserve fund is not sufficient for a major repair timeline, when costs exceed projections, or when unexpected building issues surface. It’s not always a sign of poor management, but repeated assessments or unclear planning can be a red flag. Buyers should pay attention to reserve study timing, funding plans, and any upcoming projects that could affect costs.

How condo buildings can affect mortgage approval

Lenders assess condos differently from freehold homes. Approval depends not only on the buyer, but also on the building’s risk profile. In condo financing, building-level concerns can matter as much as income, credit, and down payment.

Lenders may pay attention to:

• Reserve fund adequacy and whether major repairs appear funded
• Ongoing litigation involving the corporation
• Owner-occupancy ratios and investor concentration
• Rental restrictions and short-term rental activity

This is why financing conditions are especially important for condo purchases. For the broader financing framework, see Mortgage Financing Simplified for Ontario Homebuyers.

Common condo buying risks buyers should understand

Condo purchases can involve risks that are not obvious during showings. The most common issues we see buyers underestimate include:

• Special assessment exposure tied to reserve funding and major repair planning
• Rule restrictions that limit rentals, renovations, pets, or occupancy
• Parking and locker ownership (owned versus exclusive use, and how it’s registered)
• Deferred maintenance in older buildings that can lead to rising fees over time

Offer structure and timelines should account for these realities. For legal due diligence context, see Title Search in Ontario.

How market conditions affect condo negotiations in the GTA

The GTA condo market has shifted. In many segments, buyers have more negotiating room than in previous years, particularly where inventory is higher. Conditional offers are more common than they were during peak competition, and pricing strategy matters more than aggressive tactics.

That said, well-priced units in well-managed buildings can still attract multiple offers. Strategy should be based on building quality, comparables, and current demand, not assumptions from past cycles. For competition context, see GTA Bidding War Tips.

How condo purchases fit into the overall buying process

Buying a condo follows the same general stages as other Ontario purchases, but it adds a heavier documentation layer. In practice, the cleanest condo transactions involve realistic timelines for status certificate review, financing approval, and closing preparation.

For closing logistics and what buyers should expect on completion day, see Closing Day in the GTA.

What buyers often underestimate when purchasing a condo

Frequently Asked Questions