When it comes to buying a condo in Canada, do you know what you look for or the steps to take? While price should certainly be taken into consideration, many people who are in the market get so caught up in budgeting they forget about other important factors. 

That’s why you need to be sure the condo you choose is the right one and know what comes with the condo lifestyle. Here are our tips for buying a condo you should take the time to consider so you can feel confident in your decision.

1. Make Sure You Love the Location 

This is the first of our tips for buying a condo for good reason. All too often, people find a condo that meets all their requirements and after the excitement of possession day fades, they notice a few less than desirable things… things that are location specific and can’t be changed.

For example, a condo located in close proximity to a nightclub or stadium could make it difficult to get a good night’s sleep on the weekends. If you’ve only ever been to the building during the week in the afternoon, you wouldn’t have heard the evening noise.

2. Be Neighbourly

Take the time to ask the current owners about the people you’ll be living next to. If it’s a brand-new condo, check if there are any neighbours around the unit yet and if there are, you should ask them how their experience has been living there so far. They’ll be able to give you the best review of the location and tell you if there’s anything worth knowing about. 

In talking to your potential neighbours you’ll also know what to expect in terms of noise. If you’re considering buying a condo on the first floor, for example, and the upstairs neighbours have children, opting for a unit on a different floor will provide you with a quieter living space.

3. Securing Financing

The purchase of a condo is a large one, so you will need to get approved for a mortgage unless you are using money from the sale of your current home or have enough saved up for a cash sale.

If you need financing, first you should take the time to find out your current credit score. If it is low, you may want to hold off on the purchase until you’ve had the chance to build it up. Increasing your score will show lenders you have a good track record and you will have a better chance at getting approved for the condo you want. You may also receive a lower interest rate which will save you money during the term of your loan. 

If you have a sizable down payment of at least 5% saved up and a good credit score, it’s time to get a pre-approval. Make an appointment with your bank and they’ll help you put together all of the financial documents you need to see how much you can afford.

Getting pre-approved for a mortgage makes it easier to find a condo because you now have a budget and can show a real estate agent or salesperson that you’re serious and ready to buy.

4. Abiding by the Rules

You have likely been considering the purchase of a condo for some time, so you understand you’ll be living in close proximity to others. Since you are sharing common areas with others, there will be rules or bylaws to follow that are enforced by the condo board. Having these rules in place keeps everything clean, maintained, and respected.

Before making a purchase, ask the condo board about the rules they have in place for the building and the common areas. This way you can review them. From there, you can decide if any will interfere with your personal preferences or lifestyle. 

Some common rules may include:

• no pets, or a restriction on their height /weight
• quiet hours
• no exterior changes without consent of the condo board
• no storage of bikes or other items on your balcony
• restrictions on renting your unit in the future
• needing a paid parking pass for your visitors

5. Don’t Forget to Budget for the Condo Fees

As a member of the condo community, there are shared amenities you will have access to. These typically include things like underground parking, a fitness room, a pool, and a shared room that residents can book for parties or other gatherings.

As a condo owner, there are often fees associated with having these additional perks available to everyone in the building. More importantly, condo fees are there to keep the building and its shared areas maintained and in good working order. 

Meet with the condo manager of your prospective buildings and ask them about these fees. How much are they? Where are those funds allocated? How big is the reserve fund?

Nothing is worse than moving into a condo building only to find out that poor management of funds doesn’t allow for immediate repairs. This is especially true for urgent issues. Imagine if something major like a new roof comes up and it gets billed to all the individual units because there isn’t enough money to cover it.

6. Ask About a Warranty

If you want to buy a new condo, check if there is a warranty that comes with it. Some provinces such as Alberta have a mandatory new home warranty program that includes condos. This means the builder must provide you with at least the minimum level of coverage outlined in the New Home Buyer Protection Act. 

Look specifically at what is included in the warranty and how long it’s valid. Protection for important structural elements, using Alberta as an example, is covered for up to ten years following the building’s construction. This added peace of mind lends itself to newer resale condos too because some of the warranty period might still be active when you move in.

7. Look Into the Condo Association

Any properly managed condo board or association in Canada will take minutes during their meetings to have evidence of what is covered and when. Before making a purchase, ask if this is the case. If minutes are available, you have the right to review them, and you should definitely ask for that opportunity.

By doing this, you will get a better idea of how the condo association deals with tenant issues. You’ll also learn about any relevant news in regards to the building and how it is managed. Even a dream condo can become a nightmare if tenants are forced to deal with an association that is unorganized and poorly led.

8. Meet the Staff

Aesthetics is important to anyone making an investment in a condo. Set aside time to meet with the maintenance staff. These individuals will be the ones you rely on when things go wrong. Ask the manager if they hire someone to take care of these things or if you’ll be expected to do your part in keeping the community looking good and functioning optimally. This will also be your chance to find out if you will be responsible for repairs such as leaky pipes.

9. Research Condo Buildings Online

It is always a good idea to do your research online and look for reviews of a particular unit or condo building you’re interested in. Learning from the mistakes of others can save you time and hassle.

You’ll see right away if there are common issues voiced by multiple residents or if it is a good place to live. It’s important to note not everyone will be happy but if the good outweighs the bad, you should feel good about potentially living there.

To further ensure you know what you’re getting into, you can ask if the condo is a member of the Canadian Home Builders’ Association. Members of this organization are held to high ethical standards, giving you peace of mind in knowing there are strict regulations in place to protect you.

This is the start of a new chapter in your life, and the purchase of your condo is a decision you want to be happy with for many years to come. Don’t find yourself in a position where you regret the choice you made. When you invest some time to employ these helpful tips during your condo search, you will increase your chances of finding the perfect condo that checks all of the boxes.

Originally published Aug 1, 2017; updated Mar 31, 2023

Author: Jeff S.

Proud father and husband. Loves music, Nine Inch Nails, UFC and inbound marketing.