Updated: April 2026
By Françoise Pollard, Realtor®, and Keith Goldson, Broker, Keith & Françoise Real Estate Team, eXp Realty Brokerage. We advise buyers on buying a condo in the GTA, status certificate review, and building evaluation before the offer goes in.
Buying a condo in the GTA involves more than choosing a unit and negotiating price. Maintenance fees, reserve fund health, status certificate review, investor concentration, and building management all affect risk, long-term costs, financing approval, and resale value. The building matters as much as the unit. Buyers who understand this before writing an offer are in a fundamentally stronger position than those who learn it afterward.
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Buying a condo in the GTA is fundamentally different from buying a freehold home. Most buyers do not realise how different until they are already in the process. A freehold buyer evaluates the property. A condo buyer evaluates the property and the corporation that owns and manages everything outside the four walls of the unit. That corporation’s financial health, legal standing, and management quality directly affect monthly costs, resale value, and financing approval.
You are not just buying a unit. You are buying into a building, a board, and a reserve fund. All three need to pass scrutiny before you commit.
For the full buying process including offers and conditions, see our guide to buying a home in Ontario. For offer strategy in competitive condo situations, see our guide to winning offers in the GTA.
How Condo Ownership Differs From Freehold
Condo buyers own a unit and share ownership of common elements: hallways, elevators, garages, roofs, and amenities. That shared ownership structure introduces monthly fees, building-level rules, and reliance on the corporation’s financial planning. Decisions are made by a board elected by all owners.
A freehold buyer who wants to replace the roof makes that decision alone. A condo buyer whose building needs a new roof contributes to the cost alongside every other owner, whether the timing suits them or not. That is the trade-off at the core of condo ownership. Lower entry price and reduced maintenance responsibility in exchange for shared exposure to the building’s financial and management decisions.
GTA Condo Market Conditions in 2026
Buying a condo in the GTA in 2026 offers buyers more negotiating room than at any point in the past five years. According to TRREB’s March 2026 Market Watch, the MLS HPI Apartment benchmark was $544,200, down 9.6% year over year. Both Toronto’s 416 area and the 905 suburbs saw meaningful price softening from their 2022 peaks. Inventory is elevated, sales are below long-term averages, and conditional offers are the norm rather than the exception.
Well-priced units in well-managed buildings in desirable locations still attract attention. The environment heavily favours buyers who take their time and conduct proper due diligence. Buyer strategy should be based on current comparables, building quality, and confirmed financing, not assumptions from previous market cycles.
The condo market in 2026 rewards preparation and punishes impatience. Buyers who understand what they are buying into before they make an offer are the ones who avoid the most expensive mistakes.
Understanding Condo Maintenance Fees in the GTA
Maintenance fees fund the day-to-day operation of the condo corporation and contributions to the reserve fund. What they cover varies by building and condo type. Confirming what is included before making an offer is essential for accurate affordability calculations.
What fees typically cover
Condo apartments in the GTA commonly carry higher fees. They include elevators, staffed lobbies, amenity spaces, and more complex mechanical systems. Some buildings include heat or water in the fee. Others do not. Condo townhouses typically carry lower fees because they share fewer amenities. Fees commonly cover exterior maintenance, roofing, landscaping, snow removal, shared roadways, and sometimes exterior windows or doors depending on the corporation’s rules.
Lower fees are not automatically better
A building with fees set below the cost of realistic operations is not saving owners money. It is deferring costs. If reserve fund contributions are set too low for the building’s actual repair schedule, owners face special assessments or sharp fee increases later. The goal is a fee structure that reflects realistic operating costs and long-term repair planning, not one designed to look attractive during a sale.
The Status Certificate: Your Most Important Document
The status certificate is the most important document when buying a condo in the GTA. It provides a snapshot of the corporation’s finances, legal issues, and governing rules. Your lawyer reviews it as part of due diligence during the conditional period. Every buyer should include a status certificate condition on a condo purchase. There is no good reason to waive it.
How to obtain the status certificate
You can request the status certificate from the condo corporation directly, or your Realtor can obtain it. The fee is set by the Condominium Act at $100. Corporations have ten days to provide it. Rush fees apply for faster turnaround. Once your lawyer receives it, you typically have three business days to review it and decide whether to proceed.
Reserve fund health
Reserve fund health is your lawyer’s first priority in the status certificate review. A well-funded reserve means the corporation has money set aside for major repairs. An underfunded reserve is a red flag. Your lawyer checks whether the reserve fund study is current and whether actual contributions are tracking the recommended schedule.
Legal proceedings
Active litigation involving the corporation can affect resale value and financing. Some lenders will not fund in buildings with active lawsuits above certain thresholds. The status certificate will disclose any ongoing legal proceedings. Your lawyer advises on whether the nature and size of any litigation poses a material risk to your purchase.
Investor concentration: the issue most buyers miss
Most buyers focus on the financials in a status certificate review. The ownership breakdown is equally important. Buildings with high investor concentration tend to have higher tenant turnover, faster wear on common areas, and concentrated selling pressure when investor sentiment shifts.
Buildings bought heavily as pre-construction plays between 2016 and 2021 often see many owners exit around the same time. That concentrated selling pushes values down across the whole building at the moment a first-time buyer is hoping for appreciation. A building above 70% owner-occupied is meaningfully more stable than one at 30%. Check the status certificate for the ownership breakdown before you decide to proceed.
The status certificate also reveals upcoming special assessments, rule restrictions on pets, rentals, and renovations, and any arrears by the current owner. For the legal framework governing status certificates and condo corporations in Ontario, see Ontario’s Condominium Act.
Reserve Funds and Special Assessments
A reserve fund is the corporation’s dedicated account for major repairs and replacement of common elements. The Condominium Act requires all Ontario condo corporations to maintain one and conduct a reserve fund study at least every three years.
Special assessments happen when the reserve fund cannot cover a major repair or when costs exceed projections. A single special assessment is not always a sign of poor management : aging buildings face unexpected costs. Repeated assessments, an aging reserve fund study, or major upcoming repairs without a clear funding plan are genuine red flags.
Before waiving your status certificate condition, ask your lawyer three questions: is the reserve fund adequately funded relative to the repair schedule? Are there upcoming projects that could trigger an assessment? Is the most recent reserve fund study less than three years old?
How the Building Affects Your Financing
Lenders assess condos differently from freehold homes when buying a condo in the GTA. Approval depends not only on your income and credit but also on the building’s risk profile. A building with litigation, an underfunded reserve, or very high investor concentration can affect your financing even if you personally qualify.
Lenders and CMHC review reserve fund adequacy, ongoing litigation, owner-occupancy ratios, and rental restrictions. Some lenders apply stricter criteria to buildings above certain investor concentration thresholds. This is why including a financing condition on condo purchases is particularly important. A tight conditional window, rather than no condition at all, protects you while remaining competitive. For a full breakdown of how financing and CMHC insurance work, see our guide to mortgage financing for Ontario buyers.
Questions about a specific building or status certificate?
We help buyers evaluate buildings across the GTA and Niagara Region before they make an offer. Reach out before you commit.
Talk to the TeamWhat to Look For Beyond the Status Certificate
The status certificate covers the corporation’s financial and legal state. Several building-level issues fall outside it that buyers should also evaluate before buying a condo in the GTA.
Age of major mechanical systems
Buildings with aging HVAC, elevators, or plumbing not reflected in the reserve fund study carry deferred maintenance risk. Ask your lawyer or a building inspector what the status certificate does not cover. Some buyers commission a condo inspection in addition to the status certificate review. That cost is usually worth it on an older building with complex systems.
Parking and locker ownership
Parking spaces and lockers are frequently misunderstood. Some are owned outright. Others are designated exclusive use common elements, meaning they are allocated to your unit but remain common property. The distinction affects how you can sell or transfer them separately from the unit. Confirm the exact status in the purchase agreement and status certificate before you proceed.
Short-term rental restrictions
Short-term rental restrictions are increasingly common in GTA condo corporations. If you plan to rent the unit on Airbnb or similar platforms, confirm whether the building’s rules permit it before you buy. Rules can be changed by the board after you purchase, and what is allowed when you buy may not be allowed later. Do not assume a building permits short-term rentals because the current owner was doing it.
We’ve Seen This Play Out
We had a first-time buyer in Mississauga, a police officer, who found a condo he genuinely loved. Great layout, newer building, priced well. We put in an offer conditional on the lawyer reviewing the status certificate. When our lawyer reviewed it, he flagged that the overwhelming majority of units in the building were investor-owned, not owner-occupied. Constant tenant turnover affects how common areas are maintained. Concentrated investor selling can push values down across the whole building when owners exit at the same time.
Our client did not buy that unit. He found a better building a few weeks later. The status certificate condition gave him the time and information to make that call. Without it, he would have owned a condo in a building with structural ownership problems no showing could reveal.
When Buying a Condo in the GTA Does Not Make Sense
The condo market offers genuine value in 2026, but not every building and not every situation. There are circumstances where buying a condo in the GTA exposes a buyer to risks that outweigh the entry price advantage.
Do not buy in a building with an underfunded reserve and major upcoming repairs. A low purchase price in a building facing major repairs without adequate reserve funds means you are buying into a special assessment. The timing and amount of that assessment are unknown, and you will have no choice but to pay it.
Do not buy in a building with active litigation you do not fully understand. Some litigation is minor and routine. Other litigation involves disputes that could affect the building’s insurance, its reserve fund, or its ability to approve future mortgages. Your lawyer needs to advise you on the specific nature and risk of any proceedings before you proceed.
Do not buy in a building with more than 70% investor-owned units if long-term value and stability matter to you. High investor concentration creates a building that behaves differently from owner-occupied stock. Resale becomes harder when investor sentiment shifts. Lenders apply more scrutiny. The community inside the building is less stable. None of this is impossible to manage, but it is important to go in with your eyes open.
Do not use a condo purchase to solve a budget problem. If a condo only works financially because you are counting on fees staying low, the financial case is weaker than it appears. Factor realistic carrying costs before you make an offer. Factor realistic carrying costs into your analysis before you make an offer.
Buying a Condo in the GTA: Your Questions Answered
Is buying a condo different from buying a house in the GTA?
Yes. Condo buyers own a unit and share responsibility for common elements. This introduces maintenance fees, building rules, and reliance on the corporation’s financial health. The legal process is the same. Due diligence has an additional layer because the building’s finances and management directly affect your costs and resale value.
What does the status certificate tell you when buying a condo in the GTA?
The status certificate provides a snapshot of the condo corporation’s finances, legal matters, and governing rules. Your lawyer reviews it during the conditional period. The goal is identifying risks invisible during showings: underfunded reserves, active litigation, upcoming special assessments, ownership concentration, and rule restrictions.
What do condo maintenance fees cover in the GTA?
Maintenance fees typically cover building insurance, common area maintenance, reserve fund contributions, and property management. What is included varies by building and condo type. Some buildings include heat or water. Others do not. Always confirm what is included before making an offer and factor the full monthly cost into your affordability calculation.
Can the building affect my mortgage approval when buying a condo?
Yes. Lenders and CMHC review building-level factors including reserve fund adequacy, ongoing litigation, and owner-occupancy ratios. A building with significant issues can affect your financing approval even if you personally qualify. A financing condition is especially important on condo purchases for exactly this reason.
What is a reserve fund and why does it matter?
A reserve fund is the corporation’s account for major repairs to shared building elements like roofs, elevators, and mechanical systems. The Condominium Act requires Ontario condo corporations to maintain one and conduct a reserve fund study at least every three years. An underfunded reserve means owners are more likely to face special assessments or sharp fee increases in the future.
What is investor concentration and why should buyers care?
Investor concentration refers to the percentage of units owned by investors renting them out rather than living there. Buildings with high investor concentration tend to have higher tenant turnover, faster wear on common areas, and more concentrated selling pressure when investors exit. A building with 70% or more owner-occupied units is meaningfully more stable than one at 30%.
Can I buy a condo in the GTA with less than 20% down?
Yes, provided the purchase price is under $1.5 million and the property qualifies for CMHC mortgage default insurance. The minimum down payment is 5% on the first $500,000 and 10% on the portion up to $1,499,999. CMHC insurance is added to your mortgage balance, and Ontario PST on the premium must be paid in cash at closing.
Keith & Françoise Real Estate Team
eXp Realty Brokerage · GTA & Niagara Region
We are Françoise Pollard, Realtor®, and Keith Goldson, Broker, with eXp Realty Brokerage. Keith and I have more than 30 years of combined experience working with buyers across the GTA and Niagara Region. Condo value is tied to the corporation’s management and long-term planning as much as to the unit itself. We help buyers evaluate buildings, read status certificates with their lawyers, and structure conditions that protect them before they commit.
Considering buying a condo in the GTA? Let’s look at the building, not just the unit.
Reserve funds, investor concentration, and status certificate flags are things most buyers only learn about after they have committed. We help buyers across the GTA evaluate what matters before the offer goes in.
Start the ConversationMarket conditions, condo fees, reserve fund status, and building regulations vary by property and corporation. This article reflects our experience working with buyers across the GTA and Niagara Region. Market statistics are sourced from TRREB’s March 2026 Market Watch and use the MLS HPI benchmark as required. For advice specific to your situation, speak with a qualified real estate lawyer and Realtor® before making decisions.