By Tom Sachdeva | RE/MAX
TorontoHomesSale.ca
I have walked through a lot of condominiums with buyers over the years, and there is a pattern I see all the time.
We walk into a beautiful suite and naturally the first things that get everyone's attention are the kitchen, flooring, view, balcony and how much natural light comes into the unit.
Those things matter. You are going to live there, after all.
But when I am looking at a condo for one of my buyers, I am looking at something quite different at the same time.
I am thinking about the building.
How healthy is the reserve fund? Is there a major repair coming? What exactly does the maintenance fee cover? Who owns the parking space? What is happening with the building's insurance? Are there lawsuits? Is another condominium going to be constructed directly in front of that beautiful view?
That is because when you buy a condominium, you are not simply buying what is inside your four walls. You are also buying an ownership interest in a condominium corporation.
And sometimes the most expensive problems are the ones you cannot see during a 30-minute showing.
Here are 20 things I believe Toronto condo buyers should investigate before becoming firm on a purchase.
Don't Look at the Reserve Fund Balance by Itself
Buyers will sometimes see that a condominium has $2 million or $3 million in its reserve fund and immediately assume that the corporation is financially strong.
That number by itself tells me very little.
What I want to know is how much money the corporation should have according to its Reserve Fund Study and what major expenditures are expected over the next several years.
A building with $2.5 million in the bank might sound healthy until you discover that the engineers projected it should have $4 million at this stage and that elevators, balconies or garage membranes are approaching replacement.
This is why the Reserve Fund Study and the corporation's future funding plan need to be looked at together rather than simply admiring a large bank balance.
Read What the Board Has Been Talking About
Special assessments rarely appear out of nowhere.
Before owners receive a notice asking for thousands of dollars, there has often been a history of discussion about the underlying problem.
Maybe the underground garage has been leaking. Maybe the balcony membranes are deteriorating. Perhaps plumbing failures keep appearing throughout the building.
That is why I like to know what has been discussed in board or condominium documentation, where available, rather than limiting the review to whether a special assessment has already been formally announced.
Check the Corporation's Insurance Deductibles
This is one area many buyers never think about.
Condominium corporations carry insurance, but the deductible for certain claims—especially water damage—can be substantial.
If damage originates from your suite and the condominium corporation is legally entitled to charge the deductible back to the unit owner, the amount can become a serious financial issue.
Before closing, have your own insurance broker review the condominium's insurance information and make sure your personal condo policy provides appropriate coverage.
Do not assume a basic condo insurance policy automatically covers every deductible exposure.
Understand the Owner-to-Tenant Mix
A condominium with a lot of tenants is not automatically a bad condominium.
Toronto has many excellent buildings with a significant number of investor-owned units.
But the owner-to-tenant mix can change the character of a building.
Higher turnover can mean more move-ins and move-outs, greater use of elevators, more wear on common areas and, depending on the building, less participation in condominium governance.
If you are planning to live there for many years, this deserves consideration.
Find Out Whether the Corporation Is Involved in Litigation
Seeing the word "litigation" in a status certificate does not automatically mean I would tell a buyer to walk away.
The important question is: what is the lawsuit about?
A newer condominium corporation may be pursuing a developer regarding construction deficiencies. Another building might be involved in a contractor dispute. Some claims may be insured; others may create financial exposure for owners.
This is where the buyer's condominium lawyer becomes especially important.
The lawyer should review what the litigation involves and whether there appears to be a material financial risk to the corporation or the individual unit owner.
Verify Exactly What Kind of Parking Space You Are Buying
Never stop your investigation at the MLS line that says "1 parking included."
I want to know what "included" actually means.
Depending on the condominium, a parking space may be separately owned, designated as an exclusive-use common element, or allocated under another arrangement.
Those differences can affect your rights to sell it, rent it, install an EV charger or transfer it separately from the condominium unit.
The legal description should match what the seller and MLS listing are representing.
Actually Go Down and Look at the Parking Space
This sounds obvious, but buyers skip it surprisingly often.
I recommend physically looking at the parking spot whenever possible.
A parking stall can look perfectly acceptable on paper and be frustrating in real life.
Is there a large concrete pillar beside the driver's door? Is the stall unusually narrow? Is it beside a loading area? Is there a low pipe above it? How far is it from the elevator?
If you drive a larger SUV, something as simple as a badly positioned column can become an irritation every single day.
Find the Actual Locker
The same rule applies to lockers.
Don't simply accept that "one locker" comes with the property.
Find it.
Look at its size and location. Check whether it is an enclosed room or open wire cage. Look for pipes overhead, signs of moisture and the general security of the locker area.
Also make sure the physical locker being shown corresponds with the locker legally associated with the unit.
Determine Who Is Responsible for the Fan Coil or Heat Pump
Many Toronto condos use an in-suite fan coil or heat-pump system connected to the building's central infrastructure.
A common misunderstanding is that because heating and cooling are associated with the building, the corporation must be responsible for everything.
That is not necessarily the case.
Depending on the condominium declaration and maintenance arrangements, the in-suite equipment may be an owner's responsibility.
Ask how old the equipment is, when it was last serviced and whether there have been any leaks or repairs.
Mechanical equipment is much less exciting than granite countertops during a showing, but it can be far more expensive when something goes wrong.
Ask About Kitec Plumbing
If I am showing condos from certain construction periods, plumbing is something I specifically keep in mind.
Kitec plumbing was installed in many Canadian properties before concerns arose regarding premature deterioration and failures.
A large number of GTA condominium corporations have already completed building-wide replacement programs.
But never assume.
Ask whether Kitec was originally installed, whether the corporation completed remediation and whether the particular suite was included.
This can affect insurance, financing and future resale.
In Older Buildings, Pay Attention to Plumbing Risers
Some of Toronto's older condominiums offer tremendous value.
You may get much larger rooms, wider hallways, substantial balconies and significantly more living space than you would in a newer tower.
But older buildings also have aging infrastructure.
One item worth checking is the condition and planned replacement of vertical plumbing risers.
A major riser replacement program can involve contractors entering units, opening walls in kitchens or bathrooms and completing work floor by floor.
It may ultimately improve the building, but buyers should understand what is coming before purchasing.
Look Closely at the Windows and Balcony Doors
When you are standing beside a window admiring the view, take another 30 seconds and inspect the glass itself.
Look for condensation trapped between panes, cloudiness, staining around frames, failed seals and signs of water intrusion.
Then determine who is financially responsible if windows or balcony doors need replacement.
That responsibility can vary depending on the condominium documents.
"Pet Friendly" Is Not Specific Enough
If you own a dog or plan to get one, never rely only on the phrase "pet-friendly building."
Read the actual condominium rules.
There may be restrictions on the number of pets, their size or weight, and sometimes other specific conditions.
This is something I want confirmed before a buyer becomes firm—not after they have purchased and someone complains about their pet.
Understand the Rental Restrictions
Rental rules matter whether you are an investor or an owner-occupier.
Some condominiums have restrictions regarding short-term rentals or minimum lease periods.
If you are purchasing as an investment, those rules can directly affect your business plan.
If you are buying the unit as your home, you may actually prefer a building that restricts short-term rentals because it can result in less transient traffic through the building.
Don't Assume You Can BBQ on the Balcony
I have had buyers see a beautiful terrace or balcony and immediately picture a barbecue outside.
Before making plans, check the condominium rules.
Propane and charcoal barbecues may be prohibited, while certain buildings equipped with approved natural-gas connections may have different arrangements.
Rules can also govern planters, balcony flooring, bicycles, furniture and what can be attached to railings.
If outdoor space is one of the main reasons you love the unit, understand how you are actually permitted to use it.
Square Footage Does Not Tell You How Well a Condo Lives
Two condos can both be advertised as 700 square feet and feel completely different.
A well-designed rectangular floor plan can sometimes feel considerably larger than a unit with long hallways, awkward angles and large structural columns.
When I am showing a property, I try to mentally place real furniture in the rooms.
Where does a queen bed go? Can both sides of it be accessed? Is there room for nightstands? Where would a dining table sit? Can you create a proper work-from-home area without blocking a doorway?
Usable space matters more than a number on a brochure.
Check What Is Beside—and Behind—the Suite
One detail buyers often overlook is the exact position of the suite on the floor.
Take a look at the floor plan or key plan.
Is the bedroom wall beside an elevator shaft? Is the suite directly across from the garbage chute room? Is there an electrical or mechanical room beside it?
None of those automatically disqualifies a unit, but they can affect noise and day-to-day enjoyment.
A five-minute look at the floor layout can reveal something you may never notice during a quiet afternoon showing.
Count the Elevators
This is one of those things you appreciate only after living in a high-rise.
A beautiful building can become frustrating if residents are constantly waiting for elevators.
Consider how many suites are in the building and how many elevators serve them.
Then remember that one elevator may periodically be reserved for move-ins, another may be under maintenance, and morning or evening traffic can be substantially heavier than when you viewed the property.
Compare Maintenance Fees Properly
I would never compare two condos simply by saying one has a $600 maintenance fee and another has a $750 fee.
First, we need to know what those numbers include.
One building might include heat, hydro and water. Another may separately meter electricity, heating and cooling.
There may also be separate charges or rental arrangements for certain mechanical equipment.
The better comparison is the total monthly carrying cost, not simply the maintenance-fee number shown on MLS.
And a very low maintenance fee is not automatically a positive sign either. I also want to know whether the corporation is collecting enough money to properly maintain the building and fund its long-term obligations.
Look Outside the Condo—Then Ask What Could Be Built There
One of the biggest premiums buyers sometimes pay is for a view.
Lake views. Skyline views. Unobstructed western sunsets.
The problem is that Toronto keeps changing.
That low-rise commercial property across the street, large parking lot or vacant parcel may eventually become another condominium tower.
Before paying a large premium for an unobstructed view, I recommend checking municipal development applications and proposed developments around the property.
You cannot predict every future application, but you can certainly check what is already in the planning system.
The Question I Would Ask Before Buying Any Toronto Condo
After looking at all 20 items, I would bring the decision back to one simple question:
If the answer is yes, we probably have something worth pursuing.
If the answer is no, a beautiful kitchen should not change the answer.
Good condominium buying is really about putting several pieces together: the suite, the building's finances, its physical condition, the rules, monthly carrying costs, neighbourhood, future development and eventual resale appeal.
There is rarely one perfect condominium.
The goal is to understand exactly what you are buying—and to discover the potential problems before you become legally committed rather than after you receive the keys.
Thinking About Buying a Condo in Toronto or the GTA?
If you are considering a condo in Toronto, Scarborough, North York, Etobicoke, Markham, Richmond Hill, Vaughan, Pickering, Ajax, Whitby or elsewhere in the GTA, I would be happy to help you evaluate the property before you make your decision.
Sometimes the most important part of a condo showing isn't what we see inside the suite. It's knowing what questions to ask about everything surrounding it.
Tom Sachdeva at RE/MAX
Call or text: 647-299-4529
Website: TorontoHomesSale.ca