27:I[22016,["/_next/static/immutable/chunks/3_i_m3hhvexvg.js","/_next/static/immutable/chunks/37ab9dry67-9l.js","/_next/static/immutable/chunks/0pi4hwjfbrs0l.js","/_next/static/immutable/chunks/28favo87zvcci.js","/_next/static/immutable/chunks/3gqv88spj7x_w.js","/_next/static/immutable/chunks/22vlyu2wxjpyr.js","/_next/static/immutable/chunks/2suflh5dovc0n.js","/_next/static/immutable/chunks/1rt252yafu92-.js","/_next/static/immutable/chunks/39aiekyy9rawi.js","/_next/static/immutable/chunks/1748gbd5w3uiv.js"],""] 28:I[5500,["/_next/static/immutable/chunks/3_i_m3hhvexvg.js","/_next/static/immutable/chunks/37ab9dry67-9l.js","/_next/static/immutable/chunks/0pi4hwjfbrs0l.js","/_next/static/immutable/chunks/28favo87zvcci.js","/_next/static/immutable/chunks/3gqv88spj7x_w.js","/_next/static/immutable/chunks/22vlyu2wxjpyr.js","/_next/static/immutable/chunks/2suflh5dovc0n.js","/_next/static/immutable/chunks/1rt252yafu92-.js","/_next/static/immutable/chunks/39aiekyy9rawi.js","/_next/static/immutable/chunks/1748gbd5w3uiv.js"],"Image"] 29:I[4746,["/_next/static/immutable/chunks/3_i_m3hhvexvg.js","/_next/static/immutable/chunks/37ab9dry67-9l.js","/_next/static/immutable/chunks/0pi4hwjfbrs0l.js","/_next/static/immutable/chunks/28favo87zvcci.js","/_next/static/immutable/chunks/3gqv88spj7x_w.js","/_next/static/immutable/chunks/22vlyu2wxjpyr.js","/_next/static/immutable/chunks/2suflh5dovc0n.js","/_next/static/immutable/chunks/1rt252yafu92-.js","/_next/static/immutable/chunks/39aiekyy9rawi.js","/_next/static/immutable/chunks/1748gbd5w3uiv.js"],"default"] 26:T4aa,{"@context":"https://schema.org","@graph":[{"@type":"Article","headline":"Buying a condo in Ontario: the costs beyond the asking price","description":"Maintenance fees, the reserve fund, the status certificate, property tax, and closing costs — what to budget for when buying a condo in Ontario beyond the purchase price.","image":["https://homsy-backend-production.up.railway.app/opengraph-image"],"datePublished":"2026-09-01T12:00:00.000Z","dateModified":"2026-09-01T12:00:00.000Z","author":{"@type":"Organization","name":"Homsy","url":"https://homsy.ca"},"publisher":{"@type":"Organization","name":"Homsy.ca","logo":{"@type":"ImageObject","url":"https://homsy.ca/assets/icons/logo.svg"}},"mainEntityOfPage":{"@type":"WebPage","@id":"https://homsy.ca/blog/condo-costs-beyond-asking-ontario"},"articleSection":"Condos"},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Homsy","item":"https://homsy.ca"},{"@type":"ListItem","position":2,"name":"Blog","item":"https://homsy.ca/blog"},{"@type":"ListItem","position":3,"name":"Buying a condo in Ontario: the costs beyond the asking price","item":"https://homsy.ca/blog/condo-costs-beyond-asking-ontario"}]}]}2a:T7b9,

The asking price is only the start of what a condo costs to own. Before you fall for a unit, understand the recurring and one-time costs that come with it.

Monthly maintenance fees

Condo (or common-element) fees cover building operations, shared amenities, and contributions to the reserve fund. A low fee isn't automatically good and a high fee isn't automatically bad — what matters is what the fee covers (some include heat, water, or hydro) and whether it's adequate for the building's needs.

The reserve fund and the status certificate

The reserve fund pays for major repairs — roofs, elevators, garages, building envelope. An underfunded reserve can mean future fee increases or special assessments. In Ontario, the status certificate is the document that reveals the corporation's financial health, rules, insurance, and any known issues or lawsuits. Reviewing it — ideally with a lawyer — before your purchase becomes firm is one of the most important steps in buying a condo.

Property tax

Condos are taxed like other homes, based on assessed value and the municipal rate. Budget for it monthly even though it's billed periodically.

One-time closing costs

Expect land transfer tax (Ontario, plus a municipal land transfer tax in Toronto), legal fees, title insurance, and adjustments. First-time buyers may qualify for land-transfer-tax rebates. Your lawyer will give you exact figures for your purchase.

Insurance

The corporation insures the building's structure and common elements; you insure your unit's contents, improvements, and personal liability. This is usually inexpensive but shouldn't be skipped.

When you're comparing condos on Homsy, the map and each property page show price and key facts; use the status certificate and a lawyer's review to understand the rest before committing.

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