A buyer of a condominium was hit with a $34,000 special assessment shortly after purchasing a condominium and the judge ruled the buyer is exempt from paying his share because the possibly of the special assessment wasn’t properly disclosed in the status certificate.   The case of Adam Bruce v Waterloo North Condominium Corporation No. 26, they buyer Adam Bruce purchased a condominium in 2021. The buyer received the status certificate package including the status certificate... [read more]

Why Are Condo Fee So High? Condominiums have been the hottest segment of the market around GTA until Covid hit, it was partly because of the lack of affordability for freehold housing, as well as changing demographics, lack of available land in Downtown Toronto, life-style choices, just to name few reasons. In this article we will look at why are condo fees so high. The amount to be paid for monthly condo fees can range anywhere from $200 for a studio unit in the brand new condominium... [read more]

The below write up concentrates on Ontario rules but some elements and principals can be applied anywhere. What is a Status Certificate. Status certificate is a document that provides essential information regarding the financial status of the unit and the condo corporation. What’s included in the Status Certificate. Financial statements, budgets, special assessments, liens, arrears, lawsuits, condo declaration, by-laws, reserve fund study, insurance policy and claims,... [read more]

Real estate around GTA has been a great investment for many decades, the prices have appreciated over time, if anyone was unlucky and purchased at the peak prior to a correction, given enough time they were able to recover and show significant gains, most people who invested in rental properties have accumulated significant wealth, in reality owning real estate in GTA equals wealth. Why GTA? Why invest in GTA? The answer is actually very simple: the populations is growing, it attracts... [read more]

In our previous blogs we have explained step by step process of buying resale condominiums, and deeper into the most important document associated with the purchase, the status certificate, in this blog we would like to take it even further and explain one of the most important aspects of the status certificate, the reserve fund study, in more details. What is a reserve fund. In the nutshell the reserve fund are money put aside every month for future repairs and replacements, it is... [read more]