What information is included in an Ontario condominium status certificate?
Ontario's Condominium Act, 1998 specifies the information a status certificate must contain. The document typically includes: the current monthly common expense amount for the specific unit and any arrears owed; any outstanding special assessments or approved but unpaid increases; the current reserve fund balance and whether a reserve fund study has been done; any known or anticipated increases to common expenses; pending or threatened litigation involving the corporation; and a copy of the declaration, by-laws, and rules as they currently stand.
It also discloses any outstanding judgments against the corporation, any material contracts the corporation has entered, and whether the corporation carries the required insurance. Some versions also include the most recent audited financial statements.
What the status certificate shows as of its preparation date may change quickly — a special assessment could be levied or a lawsuit filed the week after you receive it. Review it promptly within the 10-day window and ask your lawyer about any concerning items.
Key takeaways
- The certificate discloses common expenses, arrears, reserve fund balance, and litigation.
- The declaration, by-laws, and rules are attached or referenced in the certificate.
- Financial statements and material contracts are often included.
- Information is current only as of the certificate date — act within the 10-day review period.