Does a status certificate reveal the management contracts my condo has signed in Ontario?

Yes, the Condominium Act, 1998 requires that a status certificate disclose any material contracts the corporation has entered, including management agreements. This is relevant for buyers because a long-term management contract — particularly one with unfavourable terms or a large termination penalty — can lock the corporation into a relationship that's difficult and expensive to exit. The costs of managing that contract flow through common expenses to all owners.

Material contracts that should be disclosed include property management agreements, long-term maintenance contracts, cable or internet service agreements, and any other significant ongoing commitments. Contracts entered by the developer before turnover are sometimes problematic because they may have been negotiated at above-market rates with long terms.

If you see a material contract disclosed and want to understand its terms, your lawyer can advise on whether the contract is standard or raises concerns. After turnover, a newly elected board can review developer-era contracts and, where possible, renegotiate or exit them.