Buying a New Condo in Canada

When you buy a condominium, you are buying more than just a new home; you are buying into a new lifestyle as well as into a community that is often close-knit. A condominium isn’t a type of home, it’s a type of ownership; you are buying your individual unit as well as a share in the condominium corporation that owns and is responsible for the land and all of the common elements from elevators to parking garages, security to outside grounds. It is important to find the right fit and feel when looking to buy a condo as most of these communities are directed towards different groups in society from new homeowners and beginning families, to empty nesters and seniors. The type of people each condominium complex is directed towards can be assessed by looking at the available amenities, the location and also, the mix of owners. There is an abundance of condominium developments across the country being tailored to suit every age group and lifestyle bracket.

Condominiums can be high-rises or low-rises and generally gets the attention and interest of most home buyers as they are less costly than single detached homes in similar neighbourhoods. Buying into a condominium may allow for private ownership of property in areas where land values would normally make this option too expensive for most new buyers. A main attraction for empty-nesters and seniors is the elimination of outdoor maintenance such as yard work and snow removal as well as security systems and recreation facilities. Of course, there are monthly fees to be aware of that go towards these costs as well as repairs, replacements and insurance. To compare maintenance fees between buildings, simply add the maintenance fees you will be charged, plus the utilities you will pay to get an accurate number to contrast.

With the benefits of lowered unit cost and included maintenance and recreation, there are also sacrifices; if having a large back yard or large amounts of privacy are things that are important to you in your new home, a condominium may not be the best choice. Condos also offer less space inside than a single detached home so may not be practical for those who have large families to accommodate.

A Condominium board is involved with each condominium establishment, comprised of three to seven people who are elected by the owners of the units usually for one to three years. The condominium board is responsible for dealing with making sure that the bylaws and rules are lived by. Some of the most common rules will state how many people may occupy one suite, establish guidelines concerning pets as well as general regulations in regards to common elements and areas. The developer may not declare many rules; generally, once most of the units are sold, the owners will collectively create a set of rules that will enhance or go further than the bylaws to ensure the comfort of everyone living in the community. Participating in the condominium board can be a very rewarding experience and can give you a greater say in what goes on in and around your new home as well as give you a chance to be proactive in your new community and meet the other active members. Understanding and having a say in the rules of your building will also add to your comfort and positive feelings in terms of your building.

Many of the same considerations are used when buying a condominium as a detached single home. Location and surrounding amenities are important as well as the choice between buying a new condo and resale. When you purchase a new condominium, you may be able to tailor it to suit your tastes for an upgrade fee by having your choice in flooring, countertops, and carpet. When buying a resale condominium, although you won’t have a say in the basic interior touches, your new home will likely be in an established location and the maintenance fees may be lower. The location of your suit within the condo is important as well and can play a role in determining the price. Some suites may be noisier than others if they are over main doors or close to elevators, the floor the suite is located on can also change the value of the unit. Talking to people who already live in the building can be a good way of determining if the condo and suite are right for you. Getting an agent who specialises in the sale of condominiums can be an effective way of ensuring your questions and concerns are all dealt with and they may even have ideas of new or existing developments that would suit your specific needs and desires.

If you decide to make an offer on a resale condominium unit, be sure that your offer is conditional based on receiving and reviewing a Status Certificate. This certificate must be delivered within ten days of the request and is accompanied by a $100 fee (including GST). A Status Certificate is the resale equivalent of a disclosure statement and must be reviewed carefully to ensure that you are satisfied with the condominium unit and corporation. It will also disclose whether the owner of the unit is up-to-date on all payments of common expenses as well as give a picture of the condominium corporation’s financial status. It is also important to have a lawyer look at the estoppel certificate. This document contains a essential information such as a legal description of the unit, a description of interior and exterior maintenance fees, whether there are any legal proceedings for or against the corporation, as well as details of the reserve fund. The reserve fund is the percentage of the maintenance fees that is put aside for extraordinary maintenance and repair for over the years. A large reserve fund is better than a small on as that way, you know that the money is there if it is needed.

Buying a condominium should be an exciting time and with the right help and support combined with the booming market for these developments, your chances of finding your perfect home are higher than ever before.

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