Condo real estate agents in Canada
A condo real estate agent (often searched for as a “condo realtor”) is an agent who works mostly with condominium (strata, in British Columbia) units, buying, selling or both. Condos are bought as two things at once: a unit you own outright, and a share of a building and a corporation whose finances, rules and repair plans become partly yours. An agent who works with condos regularly knows how to read the documents that describe the second part.
The agents listed here handle condo purchases and sales across Canada, from apartment-style units to townhouse condominiums.
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Are you an agent? List here freeStatus certificate, Form B and estoppel certificate
Each province has a document that summarises a condo corporation’s position for a buyer. In Ontario it is the status certificate, in British Columbia the Form B information certificate, and in Alberta the estoppel certificate; other provinces have their own equivalents. It typically shows the unit’s monthly fees and any arrears, the reserve fund balance, any special assessments, and any legal proceedings against the corporation.
A condo purchase is normally made conditional on a satisfactory review of that document and the attached budget, bylaws and rules, usually by your lawyer. Read it with your agent as well; a sudden jump in fees, a thin reserve fund or a lawsuit about the building envelope are reasons to ask more questions or to walk away.
Reserve fund study and special assessments
A reserve fund pays for major repairs and replacements to common elements, roofs, elevators, windows, parking garages. A reserve fund study, prepared periodically, estimates what those will cost and when, and sets the contributions needed to pay for them. If contributions have been kept low, the shortfall arrives as higher fees or a special assessment.
A special assessment is a one-time charge on each owner for a cost the reserve fund cannot cover. Ask whether one has been levied, proposed or discussed in recent board minutes. A seller usually pays assessments levied before closing; one approved after you buy is yours.
What to look for when buying a condo
Beyond the unit itself, look at the rules that will govern how you live there: pets, rentals and short-term rentals, renovations, parking and storage. If you plan to rent the unit out, confirm the bylaws allow it on the terms you need. Look at the building’s age, how it has been maintained, and what the reserve fund study says is coming.
Compare monthly fees with what they include. Fees that cover heat and water are not comparable with fees that do not. A building with low fees and a large repair bill ahead is not cheaper than one that has been funding its reserve properly.
Common questions
What is a status certificate?
In Ontario, it is the document a condo corporation provides describing the corporation’s finances, the unit’s fees and any arrears, special assessments, insurance and legal proceedings. British Columbia’s equivalent is the Form B and Alberta’s is the estoppel certificate. Buyers usually make their offer conditional on a lawyer’s review of it.
What is a special assessment on a condo?
A one-time charge on each owner to pay for a cost the reserve fund cannot cover, often a major repair. It can be large. Ask whether any are planned before you buy, and read the recent board minutes if you can get them.
Do I need a condo specialist, or will any agent do?
Any licensed agent can handle a condo purchase. One who works with condos regularly will know the buildings in your area, which ones have had problems, and what to look for in the documents. That knowledge matters more in a large market with many buildings.
Are condo fees negotiable?
No. Fees are set by the condo corporation’s budget and apply to every unit by its share of the common elements. What you can negotiate is the price, with the fees, reserve fund and any upcoming assessments taken into account.