How to make the most informed decision when buying a new condo

Buying a new condominium is different from purchasing a new lowrise home. It is important to understand exactly how, in order to make an informed decision. Fortunately, there is a lot of help from the government, including a new publication called Ontario’s Residential Condominium Buyers’ Guide by The Condo Authority of Ontario and the Ministry of Government and Consumer Services (visit condoauthorityontario.ca). As of Jan. 1, 2021, all new pre-construction condo buyers in Ontario should receive a copy at the time of the Agreement of Purchase and Sale.

The new guide reflects changes to Ontario’s Condominium Act (visit ontario.ca), which applies to and regulates all condo corporations in the province. It lays out the requirements for the governing documents, how they are created and amended, and they must all be consistent with the Act, which was amended last year to accommodate necessary changes caused by COVID-19. For example, condos have an extended deadline to hold their annual general meetings, which can be held by electronic means. These pandemic-fueled changes apply for the duration of the COVID-19 emergency, plus 120 days beyond its end.

Buyers' Guide

The new Buyers’ Guide promotes transparency regarding condo ownership and the purchase process. The guide was written after consultations with stakeholders in the condo sector, to be used through the life of the unit ownership. Among the many topics covered are the moving-in process, what it’s like to live in a condo and how owners can resolve any issues that may arise. In fact, the guide may be of interest to those who already own condo suites.

Another tool that has been useful for years is CMHC’s Condominium Buyer’s Guide (cmhc-schl.gc.ca) to purchasing a condo (new or resale) in Canada. It covers everything from the pros and cons of owning a condo, to the buying process, and even provincial and territorial fact sheets. It is chock full of pertinent information.

Keep in mind that you can turn to industry professionals for information that will help you buy with confidence. Baker Real Estate Inc., for example, is a well-respected source of data and advice for new condo buyers. Our representatives welcome your questions and are happy to do what they can to make the perfect match for you.

Word-of-mouth

And of course, word-of-mouth is also a resource. Talk to condo owners you know and ask about their purchases. Were they happy with their decisions? Is condo life what they thought it would be? Would they do anything different next time around? Remember, condominiums are essentially vertical communities where you live close to your neighbours and meet them in the hallways, lobby and amenity spaces on a daily basis. It is critical to respect everyone’s rights by following the rules set out by your building’s condominium corporation. You may even decide to serve on that board of directors for the optimum involvement in your community.

A condo is a wonderful financial and lifestyle investment. If you are looking at buying, especially if is your first condo purchase, pull out all the stops and use whatever resources are available. The new provincial guide is a wonderful addition to your smart-buying “toolbox.”