{"id":316975,"date":"2026-10-26T13:15:59","date_gmt":"2026-10-26T17:15:59","guid":{"rendered":"https:\/\/wahi.com\/ca\/en\/?p=316975"},"modified":"2026-10-26T13:16:10","modified_gmt":"2026-10-26T17:16:10","slug":"which-status-certificate-red-flags-should-concern-condo-buyers-ask-a-wahi-realtor","status":"publish","type":"post","link":"https:\/\/wahi.com\/ca\/en\/learning-centre\/real-estate-101\/buy\/ask-a-wahi-realtor-status-certificate-red-flags-condo-buyers\/","title":{"rendered":"Which Status Certificate Red Flags Should Concern Condo Buyers: Ask a Wahi REALTOR\u00ae"},"content":{"rendered":"

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Status certificates are indispensable resources for condo buyers. Here\u2019s what to look for when reviewing this paperwork before purchasing a unit. <\/span><\/p>\n

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By Josh Sherman<\/a>\u00a0<\/span>| 3 minute read<\/p>\n

[\/et_pb_text][et_pb_post_title title=”off” author=”off” categories=”off” comments=”off” featured_image=”off” _builder_version=”4.27.4″ _module_preset=”default” custom_margin=”||26px|||” global_colors_info=”{}”][\/et_pb_post_title][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”0px||3px|||” da_disable_devices=”off|off|off” locked=”off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” width_tablet=”” width_phone=”100%” width_last_edited=”on|desktop” custom_padding=”0px||9px|||” global_colors_info=”{}” width__hover_enabled=”off|desktop”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/wahi.com\/wp-content\/uploads\/2026\/10\/Condo-red_flag.jpg” alt=”Images of Toronto neighbourhoods” title_text=”Condo-red_flag” align=”center” force_fullwidth=”on” _builder_version=”4.27.4″ _module_preset=”default” custom_margin=”1px||29px|||” hover_enabled=”0″ border_radii=”on|32px|32px|32px|32px” border_radii_tablet=”on|32px|32px|32px|32px” border_radii_phone=”on|0px|0px|0px|0px” border_radii_last_edited=”on|desktop” global_colors_info=”{}” sticky_enabled=”0″][\/et_pb_image][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” min_height=”791.1px” custom_padding=”32px||23px|||” da_disable_devices=”off|off|off” locked=”off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”0px||0px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.3em” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” min_height=”765.1px” custom_margin=”||-48px|||” custom_padding=”6px||68px|||” text_font_size_tablet=”21px” text_font_size_phone=”16px” text_font_size_last_edited=”on|phone” header_2_font_size_tablet=”36px” header_2_font_size_phone=”25px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n

If you\u2019re eyeing a condo for purchase, obtaining legal documentation regarding the suite is a crucial part of conducting your due diligence. <\/span>
<\/span>
<\/span>In Ontario, that documentation is known as a status certificate, although different provinces have varying versions. The status certificate includes vital information about the unit, providing an overview of the financial health of the condo corporation of which the unit is a part.<\/span>
<\/span>
<\/span>The owner must provide the certificate upon request. Typically the buyer pays for the document, which costs about $100. \u201cIt\u2019s well worth asking for a status certificate,\u201d says Wahi Broker of Record Anne Alkok. \u201cWhen it comes to what will be one of the biggest purchases of your life, it\u2019s not time to cut corners,\u201d she continues. <\/span>
<\/span>
<\/span>The certificate, which generally only runs a few pages, comes with heaps of attached paperwork. Once you and your Realtor have the status certificate in hand, you\u2019ll ideally have a detailed accounting of everything from monthly maintenance fees, any arrears, the corporation\u2019s current budget \u2014 as well as audited financial statements and reserve fund studies \u2014 by-laws and regulations, engineering reports, and more. <\/span>
<\/span>
<\/span>Most condos are well-managed operations, but through the course of your homebuying journey you may discover elements that just don\u2019t add up \u2014 or signs of something amiss. \u201cWith a status certificate, If you know what you\u2019re looking for, you can learn a lot,\u201d says Eric Plant, owner\/director at Brilliant Property Management Inc. As a condo manager, Plant has prepared countless status certificates for condo buyers. However, too often, he says, homebuyers don\u2019t take full advantage of the information contained within. \u201cThere are a lot of people that aren\u2019t giving it a good look,\u201d he says. He and Alkok suggest buyers have their real estate lawyer look over the certificate and its attachments. <\/span>
<\/span>
<\/span>So which status certificate red flags should concern condo buyers the most? In addition to Alkok, we turned to Plant, also the former president at the Association of Condominium Managers of Ontario (ACMO), to learn more. <\/span>Here are five status certificate red flags that should concern condo buyers the most:<\/span><\/p>\n

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\u00a0<\/span><\/p>\n

1. Missing or Incomplete Information<\/b><\/h2>\n

A status certificate with missing or incomplete information is worth looking into. \u201cThe level of detail of the certificate is important,\u201d says Plant. \u201cIf it looks lacking in detail, that might be an issue. If it has lots of detail in it \u2014 good or bad \u2014 that\u2019s better, because it just means the management company is disclosing what they should.\u201d<\/span><\/p>\n


<\/span>Sometimes, missing info is simply the result of human error. It may be an oversight by the condo manager, who issues the certificate, or the corporation\u2019s representatives, who provide the documentation and may have forgotten one attachment or another. <\/span>
<\/span>
<\/span>Other times, it could indicate a more serious issue. Compare the status certificate you receive with the <\/span>Condominium Authority of Ontario (CAO)\u2019s list of mandatory inclusions<\/span><\/a> to see if anything is missing. If so, reach out to the management company to get more information.\u00a0<\/span><\/span><\/p>\n

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2. Budget Shortfalls\u00a0\u00a0<\/b><\/h2>\n

 <\/p>\n

If the condo corporation\u2019s expenses are outpacing its intake, serious challenges may lie ahead. However, in the life span of a building, there may be certain years where the corporation operates at a loss. One fiscal year does not necessarily mean catastrophe is looming. \u201cYou can have small deficits. You shouldn\u2019t have massive deficits,\u201d says Plant. Repeated annual deficits with no sign of correcting course should raise alarm bells, as should a massive swing from one year to the next.<\/span><\/p>\n

\u00a0<\/span><\/p>\n

\u201cDefinitely take a look at the audited financials,\u201d Plant advises. \u201cThe audited financials have your annual deficit or surplus, but they also have your cumulative [totals],\u201d he notes. \u201cIf you have a massive cumulative deficit\u2026 that\u2019s a big problem.\u201d <\/span><\/p>\n

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Find the Right REALTOR\u00ae for You<\/h2>\n

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We’ll match you with a proven agent in your area.<\/p>\n

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3. Special Assessments
<\/b><\/h2>\n

Trouble stemming from repeated budget deficits could eventually take the form of a special assessment for residents. \u201cA special assessment is an extra one-time charge added to the owners\u2019 common expenses fees that condo corporations may use to cover shortfalls in their yearly budgets,\u201d according to the CAO. <\/span>
<\/span>
<\/span>In the most severe scenarios, condo owners could risk losing their homes if they can\u2019t fork over the amount, which can range from just a few hundred dollars up to \u2014 in the most extreme instances \u2014 tens of thousands (or more). That\u2019s what happened, in 2022, when a north Toronto condo building found itself <\/span>$9 million in the hole<\/span><\/a> when it needed major structural repairs. That left owners on the hook for anywhere between $30,000 and $42,500 (larger units pay more). They had just two weeks to pay.\u00a0<\/span><\/p>\n

\u00a0<\/span><\/p>\n

Context matters, Plant suggests. For instance, it could just be a matter of a certain component needing to be replaced ahead of schedule. <\/span>\u201cThat\u2019s a one time thing. That\u2019s not something that\u2019s going to happen over and over again,\u201d he says. \u201cIt depends why they are special assessing,\u201d he notes. \u201cIt may not be that big a red flag in and of itself \u2014 if it can be explained.\u201d <\/span><\/p>\n

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4. Legal Trouble
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\u201cA big one to look for is the legal section,\u201d says Plant. The legal section includes any lawsuits as well as cases at the Condominium Authority Tribunal, which settles disputes between condo owners and condo corporations. \u201cIf you see a lot of them in there that\u2019s a big red flag, because it means things aren\u2019t going well if you have lots of people suing and that kind of thing,\u201d he says. \u201cIf you have lots of tribunal cases, it means you probably have lots of angry owners,\u201d he continues. \u201cSo that would be a huge one from the perspective of a buyer.\u201d <\/span><\/p>\n

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[\/et_pb_text][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.6em” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” text_font_size_tablet=”21px” text_font_size_phone=”16px” text_font_size_last_edited=”on|phone” header_2_font_size_tablet=”29px” header_2_font_size_phone=”19px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n

5. Low Reserve Fund
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A portion of the monthly maintenance fees condo owners pay goes towards the reserve fund, which is like a savings account for the condo corporation. It is a rainy-day fund in the event that major repairs are needed.<\/span><\/p>\n

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\u00a0<\/span><\/p>\n

\u201cA large amount in the reserve fund at any point in time doesn\u2019t always mean the condominium is in good financial health,\u201d notes the Condominium Authority of Ontario\u2019s Guide on Condo Reserve Funds<\/a>. \u201cIts health should be judged on its consistent ability to cover expected and unexpected repairs and replacements.\u201d Therefore, any amount needs to be looked at within the context of the building. Fortunately, the status certificate should give you access to any relevant reserve fund studies undertaken by the condo corporation. Condo corporations are mandated in Ontario to conduct a reserve fund study every three years.<\/p>\n

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To gauge whether the condo building you\u2019re looking at purchasing within has a sufficient reserve fund, turn to the Notice of Future Funding of the Reserve Fund (NOFF), which should be provided with the Status Certificate. It must be conducted every three years, by law. It is based on the comprehensive Reserve Fund Study, and shows where the reserve fund stands compared to where it is supposed to be. \u201cIf your reserve fund balance is well below where it says it should be, that\u2019s another red flag,\u201d says Plant.<\/p>\n

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[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”0px||4px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”33px||33px||true|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_blurb title=”Josh Sherman” image=”https:\/\/wahi.com\/wp-content\/uploads\/2022\/11\/Screen-Shot-2022-11-02-at-7.46.57-PM.png” icon_placement=”left” _builder_version=”4.24.2″ _module_preset=”default” header_font_size=”24px” header_line_height=”1.2em” body_text_color=”#686E6E” body_line_height=”0em” width=”550px” max_width_tablet=”” max_width_phone=”” max_width_last_edited=”on|phone” module_alignment=”left” custom_padding=”2px||13px|||” link_option_url=”https:\/\/wahi.com\/ca\/en\/author\/josh-sherman\/” header_font_size_tablet=”24px” header_font_size_phone=”20px” header_font_size_last_edited=”on|phone” header_line_height_tablet=”1.2em” header_line_height_phone=”1.4em” header_line_height_last_edited=”on|phone” custom_css_blurb_image=”width:64px;” global_colors_info=”{}”]<\/p>\n

Wahi Writer<\/p>\n

[\/et_pb_blurb][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”1px||0px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][wahi_socialsharing module_class=”wahi_socialsharing_2″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][\/wahi_socialsharing][et_pb_divider show_divider=”off” _builder_version=”4.18.0″ _module_preset=”default” height=”30px” locked=”off” global_colors_info=”{}”][\/et_pb_divider][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” background_color=”#ffffff” custom_padding=”5px||3px|||” da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”||19px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.20.2″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.6em” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” custom_margin=”||23px|||” text_font_size_tablet=”21px” text_font_size_phone=”16px” text_font_size_last_edited=”on|phone” header_2_font_size_tablet=”29px” header_2_font_size_phone=”27px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n

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Become a Real
Estate Know-It-All<\/span><\/h2>\n

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