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Toronto Condos

Jun 24
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Toronto’s Best Rooftop Pools for Condo Buyers and Renters

By Advice For Buyers, Toronto

Why Rooftop Pools Are the Ultimate Condo Amenity

Toronto’s summer scene hits different when you’ve got a pool with a skyline view. As vertical living becomes the norm in downtown life, rooftop pools have become more than just a luxury—they’re a lifestyle statement. Whether it’s morning laps above the city or sunset cocktails by the water, these elevated oases offer a resort vibe without ever leaving home.

And in a city where outdoor space is always at a premium, rooftop pools are a clever way to blend function, relaxation, and a serious wow-factor.

Top Toronto Condos with Rooftop Pools

1 Hotel Residences (550 Wellington)

Rooftop Pool at the 1 Hotel and Residences

Once known as the Thompson Residences, this King West icon has been reimagined as the eco-luxurious 1 Hotel Toronto. The rooftop pool here is as stylish as it gets—lush greenery, wood tones, and panoramic views give it a summer-in-Tulum feel (without the flight). It’s a hotspot for locals and visitors alike, offering residents a rare mix of tranquility and social buzz.

Why we love it: A hotel-calibre rooftop with a green ethos and that signature King West energy.

300 Front Street

Rooftop pool at 300 Front St
Rooftop pool at 300 Front St

This Tridel-built tower delivers serious resort vibes in the heart of the Entertainment District. Its rooftop deck includes a stunning pool surrounded by cabanas, loungers, and a hot tub—all framed by the city skyline. It’s private, resident-only, and perfect for entertaining guests without ever leaving home.

Why we love it: A true rooftop sanctuary that feels more like a five-star resort than a condo.

Bisha Hotel & Residences

Rooftop pool at Bisha Hotel & Residences
Rooftop pool at Bisha Hotel & Residences

If boutique luxury is your thing, Bisha nails it. The rooftop infinity pool here faces west—ideal for soaking in a Toronto sunset. Shared with hotel guests but known for its calm, curated atmosphere, this pool feels exclusive without being inaccessible.

Why we love it: Private and polished, with a side of golden-hour perfection.

Pier 27

Rooftop pool at Pier 27
Rooftop pool at Pier 27

Located right on the waterfront, Pier 27 offers one of the most unique rooftop experiences in the city. Its elevated infinity pool overlooks Lake Ontario, creating a blend of urban and natural views you won’t find elsewhere. It’s a full-on escape without ever leaving Queens Quay.

Why we love it: A true “pool with a view” that feels like you’re floating above the lake.

Fashion House (560 King West)

Rooftop pool at Fashion House
Rooftop pool at Fashion House

Minimalist and modern, Fashion House has a rooftop infinity pool that’s pure eye candy. It faces east, which means your morning swims come with a sunrise over the skyline. The sleek design, limited crowds, and King West location make it a favourite among design-forward residents.

Why we love it: It’s the rooftop for architecture lovers and pool purists.

Trilogy on King (1100 King Street West)

Rooftop pool at Trilogy on King
Rooftop pool at Trilogy on King

A hidden gem in Liberty Village, Trilogy on King is a rental community that punches well above its weight. Its rooftop terrace features an infinity pool, stylish lounge seating, and unobstructed city views. Add in coworking spaces, fitness centres, and an arcade, and you’ve got a lifestyle hub wrapped in one.

Why we love it: Condo-level amenities in a rental package—perfect for flexible urban living.

View Trilogy on King Rentals

Lavelle (Above King)

Rooftop pool at Lavelle
Rooftop pool at Lavelle

Not a condo, but worth a mention. Lavelle is a rooftop restaurant and lounge perched 16 storeys above King Street. With three pools, private cabanas, and a buzzing scene day or night, it’s the go-to spot for a social swim with city views.

Why we love it: You don’t need to live there to dive in—just bring your vibe (and maybe a reservation).

Rooftop Pool Roundup: Which Condo Is Right for You?

Looking for a rooftop pool that matches your lifestyle? Here’s the quick hit:

  • For nightlife and social energy: 1 Hotel, Lavelle
  • For tranquility and privacy: Bisha, Fashion House
  • For epic views: Pier 27, Trilogy on King
  • For a resort-like escape: 300 Front Street

Whether you’re buying, renting, or just daydreaming, there’s a rooftop oasis with your name on it.

Ready to Find Your Dream Condo with a Rooftop Pool?

From first showings to final walkthroughs, we know these buildings inside and out. If a rooftop pool is high on your wish list, we’ll help you find a home that’s just as cool as its amenities.

Leave us a message below and let’s take this search to the top (literally).

Jun 19
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One Bloor West by Tridel

Tridel Takes Over The One – What’s Next for Toronto’s Tallest Condo?

By Advice For Buyers, Toronto

The Saga of The One: A Quick Recap

Once envisioned as a skyline-defining supertower, The One at 1 Bloor West has had anything but a smooth journey. First launched by Mizrahi Developments, the 85-storey skyscraper was pitched as Canada’s tallest residential building—a bold blend of engineering ambition and luxury living. But behind the glass and steel façade was a tangle of delays, financial missteps, and court filings.

As of early 2025, the project had stalled under the weight of creditor protection and management uncertainty. Buyers were left waiting, investors wary, and the site—though towering—was unfinished.

One Bloor West by Tridel
One Bloor West by Tridel

Enter Tridel – A Trusted Name in Toronto Real Estate

Now, the tide is turning. As of May 1, 2025, Tridel has officially taken the reins. The court-appointed monitor, Alvarez & Marsal, selected Tridel to act as development manager, construction lead, and sales partner for The One, replacing Mizrahi and its contractors.

For many, this news came as a relief. Tridel isn’t just another builder—they’re a Toronto institution. With 90,000 homes delivered over 90 years, their track record brings a much-needed sense of stability to a project that desperately needed it.

Through its affiliated firms (Deltera and Del Realty), Tridel is now steering the ship toward completion—with eyes set on restoring trust and momentum.

One Bloor West by Tridel
One Bloor West by Tridel

Construction, Sales, and the Road Ahead

So where do things stand now?

Construction-wise, The One has made significant progress. The concrete structure has reached the 81st floor, and the iconic curtain wall has climbed to level 58. The building will top out at 85 storeys (approximately 308.6 metres), making it the tallest residential tower in Canada.

Tridel is aiming for substantial completion by late 2026, with occupancy projected for early 2028.

Notably, the suite count has been revised once again. From an initial 415 to 503 under the receiver—and now to 476 units—Tridel is reworking layouts to reflect modern buyer expectations without compromising luxury.

And what about the luxury Andaz hotel that was supposed to anchor the lower floors? That deal is off. Tridel and its leasing partner JLL are actively courting new hotel and retail operators to fill the space, ensuring the tower lives up to its mixed-use promise.

What Tridel’s Takeover Means for Buyers

One of the biggest hurdles with The One was buyer confidence. With Mizrahi’s insolvency came fears around delivery, quality, and warranty coverage. Tridel’s takeover changes that.

Because Tridel is now managing the sales program under its Del Realty arm, suites at The One are once again eligible for Tarion warranty protection—a critical factor for cautious buyers.

For those watching from the sidelines, this move signals a return to credibility. The drama may have hurt the brand, but with Tridel at the helm, interest is already picking up.

Buyers who once walked away are circling back. Agents are talking. And if construction continues on schedule, 1 Bloor West might still become the landmark it was meant to be.

Buy Better with Our Team if you’re considering a unit in this revitalized tower—we’re tracking every twist and turn so our clients don’t have to.

One Bloor West by Tridel

Will The One Finally Live Up to the Hype?

While the story isn’t over, the narrative has definitely shifted. The excitement around Tridel’s takeover is more than just relief—it’s renewed hope.

Of course, big questions remain. Who will fill the retail and hotel space? Will ultra-luxury buyers return in force amid market softness? Can Tridel balance visionary architecture with practical delivery?

Time will tell. But for now, optimism is back on the menu—and The One is no longer a question mark, but a comeback story in progress.

Thinking about purchasing a unit at The One? Contact us or send us a message below to learn more about current availability and how we can help you navigate this exciting opportunity.

Jun 09
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People renovating the house

Buying an Older Condo in Toronto: What Smart Buyers Need to Know

By Advice For Buyers

Buying into a mature condo building in Toronto might not have the same flash as something pre-construction—but for the right buyer, it could be the smartest move you make. Older condos often come with more square footage, solid construction, and a deeper community feel. But they also carry risks that demand a little extra due diligence.

Let’s break down the key advantages, potential pitfalls, and how to tell when an older condo is worth it.

The Upside: Why Older Buildings Still Win in Toronto

1. Spacious Layouts

New condos average under 600 sqft for a one-bedroom. Compare that to older units built pre-2000—where 700–900 sqft is the norm. Think defined dining areas, actual coat closets, and functional kitchens. For families, remote workers, or anyone planning to stay long-term, this extra elbow room can dramatically improve your quality of life.

2. Character Features

Some older buildings offer features nearly extinct in new builds: gas BBQ hookups, larger balconies, wood-burning fireplaces (in rare cases), and even two-storey layouts. Buildings like DNA1 on Shaw or the Summit near King West are great examples. These elements can boost resale value for buyers looking for something more unique than a “glass box in the sky.”

3. Established Communities

Older buildings tend to have more owner-occupants and less investor churn. The result? A stronger sense of community and generally better upkeep. You might find active resident committees, building-wide events, and long-time neighbours who care deeply about the property’s future. These soft factors play a major role in your day-to-day satisfaction.

4. Stronger Reserve Funds

Well-managed buildings with decades of budgeting behind them often have healthy reserves, meaning fewer surprise costs. (Always verify this via the reserve fund study, of course.) Some older buildings even overfund their reserves in anticipation of future projects, which could mean smoother sailing for you down the line.

Check out our blog post, discussing: Toronto Condo Reserve Funds – Top 5 Red Flags Every Buyer Should Spot

The Downside: Not Without Its Risks

1. Higher Maintenance Fees

Older condos often have higher fees to cover aging systems. Expect fees in the range of $0.90–$1.40 per square foot. For a 900 sqft unit, that’s $810–$1,260/month. But—those fees may include heat, hydro, or cable (which newer buildings often bill separately). It’s crucial to compare what’s included rather than just looking at the total dollar amount.

2. Special Assessments

A solid reserve fund doesn’t mean you’re immune from a surprise. Elevators, boilers, or parking garages eventually wear out—and if the reserve isn’t enough, owners share the bill.

One buyer recently walked away from an offer after reading the status certificate: the building needed $1.5M in underground garage repairs and hadn’t yet voted on a special assessment.

Other red flags? Unusually quiet boards (no newsletters or AGMs), deferred maintenance (cracked tiles, broken elevators), or lawsuits between residents and the condo corporation. All are worth investigating.

3. Dated Design & Mechanicals

Think beige tile, narrow galley kitchens, and popcorn ceilings. Some buyers see this as a chance to add value; others, a costly headache. It’s all about your appetite for renovations. Replacing fan coil units, windows, or electrical panels can be complex in older buildings and may require board approval.

How to Do Your Homework: Due Diligence 101

Review the Status Certificate

This is your window into the building’s finances, reserve fund, legal issues, and upcoming projects. It also outlines rules (like pet restrictions, short-term rentals, and use of amenities) that can make or break your condo experience.

Read our blog post on: Understanding the Importance of Status Certificates

Examine the Reserve Fund Study

Are there upcoming major repairs? Is the fund sufficiently topped up? A good rule of thumb: reserve contributions should be 25–35% of maintenance fees. Ask for the most recent engineering audit and look at the 3-year repair forecast. Bonus tip: check when the last big-ticket item (roof, HVAC, windows) was done.

Compare What You Get

Some buildings include heat, hydro, or cable in their fees—while others don’t. Make sure you’re comparing apples to apples when evaluating costs. Ask whether the condo has bulk internet, security patrols, or shared amenities with neighbouring buildings. These extras can add major value—or extra costs.

Old vs. New: Condo Comparison Chart

FeatureOlder CondoNew Condo
Price/SqftLowerHigher
Size/LayoutLarger, more definedCompact, open-concept
Maintenance FeesHigher, more inclusiveLower initially
Reserve FundEstablishedLow (early years)
Potential Surprise CostsModerate–HighModerate–Low
AestheticDated, reno potentialSleek, modern
CommunityOwner-occupied, stableHigh rental turnover
AmenitiesModest, well-usedGlossy, less used
Construction QualityConcrete, durableMixed (often drywall + glass)

Final Thoughts: Is an Older Condo Right for You?

If you value space, location, and have the budget (and patience) to potentially modernize, older condos can be great value—especially in a cooling 2025 market. But don’t skip the homework. Ask tough questions, read the docs, and work with a realtor who’s walked this road before (that’s us!)

Older condos aren’t for everyone—but for buyers who know what to look for, they can offer unmatched livability and long-term value. It’s not about the age—it’s about the bones, the budget, and the building’s future.

Still have questions, leave us a message below or Let’s connect and talk strategy.

Jun 08
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Condo views in Toronto

Toronto Condo Reserve Funds: Top 5 Red Flags Every Buyer Should Spot

By Advice For Buyers

What Is a Reserve Fund and Why It Matters

When you buy a condo in Toronto, you’re not just purchasing a unit—you’re buying into a community with shared responsibilities. That includes footing the bill for repairs to common areas like roofs, parking garages, and elevators. Enter the reserve fund: a legally mandated savings account that every condo corporation must maintain to cover the cost of major repairs and replacements.

Ontario’s Condominium Act requires that this fund be reviewed at least every three years by a professional engineer through what’s known as a Reserve Fund Study. A healthy reserve fund protects owners from sudden “special assessments”—those dreaded lump-sum charges when there’s not enough money saved for big-ticket items.

Want to know learn more about why we review status certificates in the first place? Check out our blog post on: Understanding the Importance of Status Certificates

Red Flag #1 – A Reserve Fund That’s Way Too Low

How low is too low?

While there’s no official benchmark, experienced buyers and agents know what to look for. In Toronto, a mid-size condo building should ideally have at least $500,000–$1,000,000 in its reserve fund—more if it’s older or has luxury amenities. Anything substantially below that could spell trouble.

What it tells you

A low reserve balance often means the condo has been under-saving for years. That raises the odds of surprise costs falling to unit owners. It could also mean that major repairs are overdue—or being deferred to avoid raising fees.

What About New Condos?

It’s totally normal for brand-new condos to have relatively low reserve fund balances in their early years. Most developers seed the fund with an initial contribution, but the bulk of future savings comes from monthly fees paid by owners over time.

That said, even in a new building, the initial Reserve Fund Study should outline a detailed contribution schedule that shows the fund growing gradually—and sustainably. Be wary if:

  • The fund balance stays flat for several years
  • Contributions are delayed or minimized
  • There’s no clear funding plan for long-term repairs

A low balance alone isn’t a red flag in year one—but a poorly planned trajectory is.

Red Flag #2 – No Recent Reserve Fund Study

Condo boards are legally required to commission a Reserve Fund Study every three years. If a building hasn’t updated its study in that timeframe, it’s out of compliance.

Even worse: the older the study, the less accurate it is in predicting upcoming expenses. Without current data, you’re flying blind as a buyer.

Learn more on Ontario.ca’s Reserve Fund overview.

Red Flag #3 – The “Contribution Holiday” Trap

Some condo boards try to keep monthly fees artificially low by taking a so-called “contribution holiday”—pausing regular payments into the reserve fund. While this may look good on paper, it’s a short-term fix that can lead to long-term pain.

We once had a buyer eyeing a charming boutique condo downtown. The unit was gorgeous. But when we reviewed the financials, the reserve fund was barely funded—just $220,000 for a 25-year-old building with aging infrastructure. Worse still, the Reserve Fund Study warned of upcoming shortfalls of $15,000 per unit. The board had been on a contribution holiday for two years.

The buyer walked. Smart move.

Red Flag #4 – History of Special Assessments

If a building has a history of levying special assessments, take notice. These one-time fees—sometimes $10,000 to $30,000 per unit—usually mean the reserve fund was underfunded when a big repair came due.

Ask to see previous AGM (Annual General Meeting) minutes or speak with the property manager. Frequent assessments may point to chronic mismanagement.

Red Flag #5 – Expensive Repairs Coming, No Money Saved

What’s worse than a low reserve fund? A low reserve and a big-ticket repair right around the corner. We’re talking about:

  • Elevator replacements
  • Parking garage membrane repairs
  • Roof and window overhauls

These aren’t optional. And if the building hasn’t budgeted for them? Owners will be footing the bill.

City Place condos

Pro Tip – What Smart Buyers Should Always Check

Ask to see the Reserve Fund Study

It should be recent, realistic, and detail how the fund will grow over time.

Read AGM minutes for hidden clues

Sometimes future problems are only hinted at in board meeting notes. Don’t skip them.

Have your lawyer review the Status Certificate

Yes, every time. A good real estate lawyer knows exactly where to look.

Final Thoughts: It’s Not Just About the Unit

You might fall in love with the layout, the finishes, or that view—but none of that will matter if your building’s finances are in rough shape.

Spotting these red flags early can save you tens of thousands—and a lot of future stress.

Ready to Buy Better?

Before you commit to a condo, make sure you’re not inheriting someone else’s financial mess. The lawyers we work with, have reviewed hundreds of status certificates—and know what to look for (and when to walk away).
Contact us today or send us a message below, for a no-pressure chat about your next move!

Jun 06
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Tree lined residential street with older two story Tudor style

Toronto Real Estate Market Update – May 2025

By Monthly Market Updates

For buyers, sellers, and the real estate-curious, the numbers are in—and they’re telling a story of supply, hesitation, and opportunity.

According to the Toronto Regional Real Estate Board’s (TRREB) May 2025 data, GTA home sales dropped 13.3% year-over-year, totaling 6,244 transactions. Meanwhile, new listings surged by 14% with 21,819 homes hitting the market. That pushed active listings up a striking 41.5% compared to last May, with some months earlier this year even seeing inventory jumps north of 70%.

But more choice hasn’t translated to more action. The average home price slid 4% from May 2024, now sitting at $1,120,879. And homes are taking longer to sell—TRREB data aligns with what we’re seeing on the ground: even well-staged, competitively priced homes are sitting longer than they did last spring (nearly 40 days, in total)

Property Type Insights

If 2021 was the year of the condo bidding war, 2025 is shaping up to be the condo cooldown.

Condo sales dropped a sharp 25% year-over-year. In fact, TRREB notes that fewer condos are trading hands now than during the early ‘90s.

Detached homes haven’t fared much better, but not all segments are in the red. In the 416, semi-detached homes and townhouses posted modest gains—up 1.5% and 3.4%, respectively—indicating that more budget-conscious buyers may be shifting focus to multi-family options.

Toronto Skyline with condos
Toronto Skyline with condos

Economic Factors Influencing the Market

So, what’s behind the slowdown? It’s not just prices or mortgage rates—it’s confidence.

Yes, borrowing costs are down slightly compared to last year, and yes, prices have dipped. But the real wildcard appears to be economic uncertainty.

The Bank of Canada has held its benchmark rate at 2.75% for two consecutive months, offering cautious optimism—but with the federal government’s latest Throne Speech reiterating housing promises without delivering timelines, many buyers remain on the sidelines.

Still, not all economic indicators are gloomy. Inflation cooled to 1.7% in April, and with unemployment rising to 7%, a rate cut could be on the table this summer—a move that would be particularly welcome for first-time buyers and those up for renewal.

Rental Market Dynamics

While the resale market softens, Toronto’s rental market tells a different tale. Rents are creeping up month-over-month, with average unfurnished one-bedrooms renting for $2,148. That’s a 1.02% increase from April, though still about $91 cheaper than the same time last year.

The real shift is in inventory—tenants now have far more options. For landlords, that means more competition. For renters, it may mean finally finding a place that ticks all the boxes—without a bidding war.

Navigating the Current Market

We’re in a transitional phase, not a tailspin. And with change comes strategy.

Buyers: You now have time on your side. Properties are sitting longer, sellers are more flexible, and your window to negotiate has widened. But don’t let analysis paralysis cost you a great home—especially with the potential for rate cuts later this year.

Sellers: The days of ‘list Friday, sold Monday’ are behind us—for now. In a crowded market, pricing smart and staging well are your new best friends. We’re advising our clients to lead with value and market with intention.

Everyone else: Whether you’re upsizing, downsizing, or simply trying to make sense of it all, the right advice matters more than ever. Every neighbourhood, property type, and price band tells a different story.

Thinking of buying or selling in this shifting market?

Let’s talk strategy. Whether you’re looking for your next home or need guidance on listing in today’s conditions, we’re here to help – Book a consultation or reach out anytime.

May 07
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Toronto Condos

Patient & Honest Toronto Condo Agent

By Testimonials

I was helping a friend in Toronto to sell his condo, and purchase a newer one. My friend asked me to look for an agent and to do the preliminary work for him, since I am already retired. He needed to find an agent, to pinpoint some possible properties to buy. I contacted eleven agents. Eight of them responded by email, and four followed up the following day by phone. I interviewed all four by phone. I liked Joey the most.

The young man was eager, polite, low pressure and knowledgeable. He answered all my questions fully and gave me the confidence I needed to pass him on to my friend. They got along well, Joey successfully sold the condo and bought him the new place, and helped along with every question and concern all along to the last minute. I am in the real estate developing business, in a different city and use agents regularly, I give Joey the highest mark in patience, kindness, and for his great attitude, He went out of his way to respond to his client, who was not very knowledgeable, and who needed hand holding with each step along the way. He also found him a great lawyer to close the deal and helped him with all sorts of last minute details. He would even respond if called late at night. If you are looking for a good, honest, sincere, knowledgeable, and hard working agent, Joey Virgilio is your man.

He and his team deliver what they promise and solve every wrinkle along the way for you!!! All the best for a great successful future Joey. Very Happy Clients.

Jordan P.

Jan 03
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Winter on Toronto Islands CN tower

Toronto Real Estate Market Update: What December 2024 Revealed About a Year in Transition

By Monthly Market Updates

According to the Calendar… It’s December. According to the Market… We’re in Transition.

2024 ended with more listings, a little more movement, and still a whole lot of waiting. While many hoped for a year of price rebounds, what we got was something far more nuanced: a market full of choice, cautious optimism, and plenty of negotiating room—especially in the condo space.

So, what did December numbers—and the year as a whole—really tell us?

Let’s dig in.

Toronto’s December Market at a Glance

Sales + Listings Snapshot

December closed out with 3,359 home sales across the GTA—a slight dip compared to the same time last year. That said, new listings continued to rise, extending the fall trend of a market that’s heavy on supply and light on urgency.

Prices Stay Subdued

The average selling price for December sat at $1,067,186, down marginally year-over-year. The MLS® Home Price Index Composite Benchmark ticked up by less than 1%, pointing to price stability, not growth.

In short: prices didn’t crash, but they didn’t climb either.

2024 in Review – A Market Defined by Caution and Choice

Year-End Totals

  • Total 2024 sales: 67,610 (↑ 2.6% from 2023)
  • New listings: 166,121 (↑ 16.4%)
  • Average price: $1,117,600 (↓ 0.8%)

Inventory grew at a much faster pace than buyer activity. The result? More selection, more time to make decisions, and more leverage for those who were ready to buy.

Why Buyers Held the Upper Hand

Two words: interest rates.

High borrowing costs remained a major hurdle for much of the year. While many homeowners stayed put, buyers were only willing to act when the price—and the carrying cost—was right. That restraint kept prices in check and pushed sellers to meet the market.

Houses Held Strong—Condos, Not So Much

Detached and Semi Sales Rebounded

Ground-oriented homes saw a modest bounce. In fact, single-family home sales were up in 2024—especially in the 416, where family-friendly inventory remains tight. Prices here held up better thanks to ongoing demand and less investor involvement.

Condos Took a Hit

The condo market, on the other hand, faced a tougher climb. Many first-time buyers continued to wait for deeper rate cuts, while investor interest waned under the pressure of high holding costs.

Bottom line: it was a soft year for condos, especially in the downtown core.

What Changed Mid-Year? Two Words: Interest Rates

The Bank of Canada issued two back-to-back rate cuts in the second half of 2024—moves that many hoped would reignite activity. And while the full impact hasn’t played out yet, it did shift buyer sentiment.

By year-end, some sidelined buyers began to re-engage—but cautiously. The next few months will show whether this was just window shopping or the start of a stronger market push.

What’s Next in 2025?

If borrowing costs continue to fall and prices remain below historic peaks, we could be in for a more active spring. That said, the gap between buyer expectations and seller reality hasn’t closed yet.

Expect condo prices to stay soft for now, while detached homes in desirable areas may attract more competition as affordability improves.

A few trends we’re watching:

  • Renewed interest in pre-construction condos (if incentives return)
  • Growing rental demand as buyers remain cautious

Final Thought – Still Watching, Still Waiting

Toronto’s real estate market didn’t boom or bust in 2024—it reshuffled.

With buyers calling the shots and sellers recalibrating, we’ve entered a phase that rewards patience, planning, and professional advice. Whether you’re considering upsizing, downsizing, or entering the market for the first time, early 2025 may offer one of the most balanced playing fields we’ve seen in years.

Ready to Make a Move?

If you’re thinking of buying, now might be one of the most negotiable markets we’ve seen in a while. And if you’re selling, strategy matters more than ever. Get touch with us by leaving a comment below!

Nov 05
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Businessman in office signing contract

Status Certificate Ontario: Complete Checklist & Key Details

By Advice For Buyers, Advice For Sellers, Real Estate

Making a smart condo purchase doesn’t have to feel like a shot in the dark. The status certificate serves as your crystal ball, providing crucial insights into a condominium’s health and future prospects.

What is a Status Certificate?

A status certificate is a comprehensive health report for a condominium, mandated by the Ontario Condominium Act. This vital document provides a detailed snapshot of the building’s financial and legal standing, making it an essential tool for informed decision-making in the real estate market.

Key Components

Financial Health
The status certificate reveals the building’s financial pulse through its reserve fund – essentially a savings account for future repairs and maintenance. A robust reserve fund indicates good financial management and reduces the likelihood of unexpected special assessments.

Legal Status
Understanding ongoing legal proceedings is crucial for potential buyers. While lawsuits aren’t always deal-breakers, particularly in newer buildings where construction-related claims are common, they can impact future costs and building operations.

Building Operations
The document outlines important operational aspects including:

  • Maintenance fees and potential increases
  • Parking arrangements
  • Pet policies
  • Insurance coverage
  • Building rules and bylaws

Professional Guidance

While the status certificate is publicly accessible, its interpretation requires expertise. Working with experienced real estate professionals can help you:

  • Identify potential red flags
  • Understand complex legal terminology
  • Evaluate the building’s financial stability
  • Navigate building-specific regulations

Best Practices

Timing Matters
Always ensure your status certificate is current – ideally no more than 30 days old. Real estate markets and building conditions can change rapidly, making recent information crucial for decision-making.

Due Diligence
Before making an offer, thoroughly review:

  • Reserve fund studies
  • Financial statements
  • Building maintenance history
  • Upcoming major repairs or renovations

Making an Informed Decision

The status certificate is more than just paperwork – it’s your protection against unforeseen issues and a tool for confident decision-making. By understanding its components and working with knowledgeable professionals, you can transform the condo-buying process from a mysterious venture into a well-informed investment decision.

Remember, a thorough understanding of the status certificate isn’t just about protecting your investment – it’s about ensuring peace of mind in your new home. Take the time to review this document carefully, and don’t hesitate to seek professional guidance when needed.

May 12
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Trusted Toronto Loft Realtor | Mark Savel Review

By Testimonials

 

Mark inspires a level of trust and confidence during one of life’s most challenging and risky moments, namely the purchase of a new home. Add to that risk the complexity of buying in Toronto’s market and the situation can lead to a roller coaster ride. Mark’s knowledge of Toronto’s market, his professionalism, calm and strong interpersonal skills are just what I needed in getting back into the market after 15 years. He understood my needs so well that I bought the first home he showed me after he steered me away from a lovely home with what proved a sketchy renovation that I had first seen on my own. My new home is utterly gorgeous and suits my lifestyle and creativity to a tee. It is a total pleasure working with a professional like Mark Savel and I will work with him again if I buy a third property.

– Cass

Apr 17
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What is a Status Certificate and WHY are they important to review before buying a condo?

By Advice For Buyers, Video Blog

One of the most important parts of the condo buying process, is reviewing the corporations Status Certificate! 

What is A Status Certificate?

A status certificate is a collection of documents, issued by a condominiums property manager that contains info on:

  • Contact information – lists out the legal name of the Condo Corporation, Property Management, and Board of Directors.
  • Maintenance fee amount (Expenses) – both at time of issue and if there are any plans to increase in the near future.
  • Budget – what the building is spending its monthly maintenance fees on.
  • Reserve Fund – how much they have saved for the repair and replacement of components in a condo (ie. savings for roof repairs, parking garages, upgrades, etc)
  • Legal Proceedings/Claims – if any lawsuits are levied against the corporation, or if the corp has levied any against others.
  • Leasing of Units – how many units are currently tenanted in the building
  • Notices – announcements of maintenance fee increases, any planned repairs, or other factors that may impact maintenance fees
  • Bylaws and Rules – The bylaws and rules list what you can or can’t do in a building…Some buildings in the city have outright bans on pets or restrictions on certain breeds and weights.
  • Insurance Requirements – policies the corp has in place, and requirements for new purchasers to have.

How Order a Status Certificate

A seller can request a status certificate by contacting the buildings property manager.  The management company will have 10 business days to prepare and can deliver it in either hard copy or in digital via email. 

How Much is a Status Certificate

The certificate will cost $100 + HST and can be paid by either the buyer or seller, depending on how a deal is structured.

Why You Must Request a Status Certificate

Sellers – I often suggest ordering one before you even go to market with your property.  As a seller, you have a duty and responsibility to disclose any and all details that could impact the sale of your condo.  By ordering a status in advance, you’ll be made well aware any potential pitfalls and can disclose these issues to potential purchasers ahead of time to avoid any issues with closing.

Buyers – In a condo, values are closely tied to how well the building is run (second to location of course).  If fees skyrocket, you may find that the buildings value will appreciate much slower (or actually depreciate) than a building with lower maintenance fees.  A building with known problems can also have an impact on financing and insurance resulting in higher monthly costs – knowing this in advance can allow you to negotiate a better price, or walk away from the deal all together!

Who Reviews the Status Certificate

It is crucial, you take it to a Real Estate Lawyer who has experience in condo dealings.  They are trained in knowing what to look for and the right questions to ask. DO NOT take it to general law firm, or rely solely on a realtors review of it!

How Long Do you Have to Review a Status Certificate 

Most clauses generally allow 2-3 days for lawyer review.  It’s a small window of time, so it’s best have a candid conversation with your lawyer in advance and tell them exactly how you plan on using the property. 

A common misstep is with buyers who spends months out of country.  If their plan is to rent it on AirBnB while away, it’s best to make sure there aren’t any rules or bylaws preventing you from doing so!

Remember, a Status Certificate is generally valid for only 90 days – so if a seller produces a Status dated older than 90 days, ensure you request a new one.

When Should You Walk Away From Purchasing a Condo

No matter how in love you’ve fallen with your new purchase – there are a number of reasons you may want to walk once the status certificate is reviewed: 

  • If the corporation has a low reserve fund – with no plans of replenishing
  • Lawsuits that could result in a loss to the building
  • Indications of an increase to monthly fees or large repairs
  • Being blacklisted from lenders or insurance companies

Accompanying Documents That Also Come With a Status Certificate

Other important documents that accompany the status include:
  • The Declaration
  • Bylaws
  • Rules and Regulations,
  • Certificate of Insurance
  • Current Budget
  • Reserve Fund Study
  • Management Agreements
  • Financial Statements
  • New Owner Information
  • Move-in and Out forms
  • Other Building forms