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We mentioned the status certificate briefly in our GTA home buying guide — but it deserves a much closer look on its own, because it's genuinely one of the most important documents in any resale condo purchase, and one of the least understood.

What a Status Certificate Actually Is

A status certificate is a legally mandated package the condo corporation provides, disclosing the building's financial health, governance, and any outstanding legal or maintenance issues. Under Ontario's Condominium Act, the corporation must deliver it within 10 days of a written request and payment of the prescribed fee (capped at $100). Separately, your purchase agreement typically includes its own condition giving you — really, your lawyer — a review window after you actually receive the certificate, commonly 5 to 10 business days, to review it and decide whether to waive the condition or walk away.

What's Actually Inside

The certificate of insurance. Shows the condo corporation's current insurance policies — what's covered at the building level, which matters for understanding what you'll need to insure yourself.

Financial statements. The corporation's recent budget and financial statements, showing whether the building is running a surplus, a deficit, or right at break-even.

Reserve fund study and balance. This is one of the most important sections — it tells you how much money the building has set aside for major future repairs, and whether that amount is considered adequate relative to the building's age and expected capital needs.

Any pending or approved special assessments. If the corporation has already approved a lump-sum charge to owners for a major repair, it should be disclosed here — a critical detail that directly affects your real cost of ownership.

Outstanding litigation. Any lawsuits involving the corporation, which can signal deeper issues (construction defects, disputes with a former developer) worth understanding before you commit.

The governing documents. The declaration, by-laws, and rules — including the building's definition of a "standard unit," which determines what the corporation's insurance covers versus what you'd need to insure yourself.

Minutes from recent board and AGM meetings. Often overlooked, but genuinely useful — these can reveal issues being actively discussed that haven't yet made it into a formal financial disclosure.

Red Flags Worth Taking Seriously

• A reserve fund that looks thin relative to the building's age. An older building with a reserve fund that hasn't grown proportionally is a genuine warning sign of future special assessments.

• Multiple recent fee increases without a clear explanation. Can signal the corporation is playing catch-up on an underfunded reserve.

• A high proportion of units in arrears on their maintenance fees. Affects the corporation's cash flow and can be an early indicator of broader financial stress in the building.

• Ongoing litigation related to the building envelope or structural issues. Worth having your lawyer review closely, since the ultimate financial exposure isn't always clear from the certificate alone.

Why You Shouldn't Review This Yourself

A status certificate runs long and uses specific legal and accounting language that isn't always intuitive. Having your real estate lawyer review it — not just skim it — is standard practice for good reason: they know exactly which sections carry real risk and which are boilerplate.

What to Do If You Find a Red Flag

A red flag in the status certificate doesn't automatically mean walking away — it means negotiating from a position of full information. Depending on what you find, that might mean asking the seller to address a known issue before closing, negotiating price down to account for likely future costs, or in some cases, deciding the risk isn't one you want to take on.

The Bottom Line

The status certificate is the closest thing a condo purchase has to a financial health check on the entire building, not just the unit you're buying — treating this review as a formality rather than genuine due diligence is one of the more costly mistakes a condo buyer can make.

Buying a resale condo and want help understanding what a specific building's status certificate actually says? Contact our team — we review these regularly and know what to flag.

This article is for general informational purposes and is not legal advice. Have your real estate lawyer review any status certificate before waiving your condition.

If you're saving for a first home in Toronto and haven't opened an FHSA yet, you're likely leaving real tax savings on the table. Here's how the account actually works, and how to use it properly alongside the rest of your down payment strategy.

What the FHSA Actually Does

The First Home Savings Account combines the best features of an RRSP and a TFSA: contributions are tax-deductible (like an RRSP), and qualifying withdrawals — including growth on your investments — are completely tax-free (like a TFSA). You can contribute up to $8,000 per year, up to a lifetime maximum of $40,000, and unused contribution room carries forward.

Why This Matters More Than It Might Sound

You get the deduction now. Contributing to an FHSA reduces your taxable income the same way an RRSP contribution does — a real, immediate tax benefit while you're saving.

You keep the growth tax-free. Unlike an RRSP, where withdrawals (even for a home purchase under the Home Buyers' Plan) are eventually taxed if not repaid on schedule, a qualifying FHSA withdrawal — contributions and any investment growth — comes out completely tax-free. You genuinely don't pay tax on either end.

You don't have to repay it. The RRSP Home Buyers' Plan requires you to repay what you withdrew over 15 years, or face it being added back to your taxable income. The FHSA has no repayment requirement at all.

How to Actually Use It Alongside Your Other Savings

The FHSA and the RRSP Home Buyers' Plan can both be used toward the same home purchase — they're not mutually exclusive. A common strategy:

• Maximize your FHSA contributions first, given the combined deduction-plus-tax-free-withdrawal benefit is stronger than the Home Buyers' Plan alone.

• Use RRSP Home Buyers' Plan withdrawals (up to the current limit) as an additional source of down payment funds, understanding you'll need to repay that portion over time.

• Layer in a TFSA for any additional savings beyond what fits in your FHSA contribution room.

Who Actually Qualifies

To open an FHSA, you generally need to be a Canadian resident, at least 18 years old, and a first-time home buyer — meaning you (or your spouse) haven't owned a home you lived in during the current year or the four preceding calendar years. This "four year" rule is worth understanding carefully if you owned a home years ago but haven't in a while — you may still qualify.

What Counts as a Qualifying Withdrawal

To withdraw tax-free, you need a written agreement to buy or build a qualifying home, and you generally need to use the funds within a specific window and actually move into the home as your principal residence within a year of purchase or completion. If your plans change and you don't end up buying, you can transfer FHSA funds to an RRSP or RRIF without immediate tax consequences, rather than losing the benefit entirely.

How This Fits Into Your Total Toronto Closing Cost Picture

Your FHSA and Home Buyers' Plan funds address your down payment — but remember this is separate from other closing costs you'll need to budget for:

• Land Transfer Tax — use our free calculator to see your exact number, including whether the first-time buyer rebate applies to you.

• CMHC mortgage default insurance, if your down payment is under 20% — our calculator breaks this down.

• Legal fees, inspection costs, and moving expenses — budget roughly an additional 3-4% of purchase price beyond your down payment itself.

The Bottom Line

The FHSA is genuinely one of the most powerful tools available to first-time Toronto buyers right now — tax-deductible in, tax-free out, no repayment requirement. If you're saving toward a purchase and haven't opened one, it's worth doing before your next contribution room resets.

Want to run your full numbers — FHSA, Home Buyers' Plan, Land Transfer Tax rebate, and closing costs — before you start house hunting? Contact our team for a complete first-time buyer breakdown.

This article is for general informational purposes and is not financial or tax advice. Consult a financial advisor or accountant for guidance specific to your situation.