Buying a condo, or any property, comes with a lot of questions. We've taken the time to answer some of the most common questions we get asked.

BUYING A CONDO BY WAY OF ASSIGNMENT

An Assignment means that you are buying a ‘right’ to own a condo that is not in the Land Registry System. Usually the condo has not been built or it is not ready for occupancy and the building has not been registered. This ‘right’ is just a paper transaction and not the transfer of the actual property. The closing of the Assignment occurs BEFORE the condo is registered. The individual who buys the ‘right’ will eventually close and register their ownership of the condo at some later date.

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What is a Status Certificate?

The Status Certificate provides basic and essential information concerning the financial status of a unit and of the condo corporation. "How much is in the reserve fund and is it sufficient for the immediate future? What did the engineering report say? How many units are rented in this buidling? Is there a claim against the current unit owner?" A Status Certificate answers all of these questions and more, it is your protection against the unknown.

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What are the advantages of Buying a Condo?

People buy condos as much for 'Lifestyle' as they do for price. Downtown you can buy condos for over one million dollars quite easily.

Condo ownership also eliminates some of the problems of upkeep and maintenance often associated with home ownership, since the cost of maintenance is shared and is usually the responsibility of the Condo Corporation through its property management (Lifestyle). For older people, condos represent an attractive ownerhip alternative when they spend extended periods away from their property.

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How Much do I Need for a Downpayment?

Before any home search begins a new buyer will need a down payment. In a Conventional Mortgage your down payment is at least 20% of the purchase price. However, you can buy a home with as little as 5% down. Anything less than 20% of the purchase price for a down payment is considered a High-ratio mortgage. High-ratio mortgages need mortgage loan insurance which protects the lender against mortgage default. Mortgage Insurance can be provided by a few different companies such as CMHC, Canada Guaranty and Genworth. Mortgage Insurance Premium fees are determined by the percentage of your mortgage and can vary from 0.5% to 5.65%.
You can determine down payment options and CMHC premiums using our Mortgage Calculator

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What are Condo Maintenance Fees?

Condo Maintenance Fees are a monthly fee you pay to the building when you own a condo; they go towards the operating costs of the building

Condo fees vary from building to building, however operating costs are virtually the same between buildings. There are three reasons why maintenance fees differ in cost

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Should I Buy or Rent?

The choice to buy or to rent really comes down to a personal preference. But if economics are the deciding factor then you should always buy.

We took the time to break down multiple scenarios to give you a better idea.

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What are Closing Costs and How Much Should I Expect to Pay?

Closing is the day you (or your lender) hands over the full amount of the purchase price and Title gets transferred from the seller to the buyer. This is also the day the buyer gets the keys to their Condo! However, one thing all buyers should be aware of are closing costs. Make sure you work it into your budget. Ideally, you should budget 1.5%-3% of the purchase price for Closing costs. Closing costs are made up of a number of different expenses/adjustments and below we've listed a few common ones.

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How Much is Land Transfer Tax?

Land Transfer Tax varies depending on where you live. If you are buying a property in Toronto you will have the Ontario Land Transfer Tax and the Toronto Land Transfer Tax. However, if you're a first time buyer you don't have to sweat yet. First time buyers are exempt from the Toronto Land Transfer Tax on the first $400,000 and qualify for a $2000 tax credit on the Ontario Land Transfer Tax. You can get an estimate on what your Land Transfer Tax adds up to using our Ontario Land Transfer Tax Calculator.

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