What should I be looking for in a condo status certificate in Ontario?

A condo status certificate in Ontario is a detailed package — often dozens of pages — that reveals the financial and legal state of the condominium corporation. Your real estate lawyer will review it in full, but key areas of concern include: the size and adequacy of the reserve fund relative to the building's age and needs; whether a reserve fund study has been recently completed and what it recommends; any pending or recently approved special assessments (additional charges levied on unit owners for major repairs or shortfalls); and existing or threatened litigation against the corporation.

The status certificate also includes the current maintenance fee amount and the date of any recent fee increases, the condo declaration, bylaws, and rules (which govern what you can and cannot do in your unit), and any leases or licences affecting the common elements.

A well-funded reserve and no pending assessments are positive signs. An underfunded reserve fund is a major red flag — it signals that unit owners may face a large special assessment in the future. Your lawyer can help you understand what the certificate reveals and whether it supports proceeding with the purchase.