How to Buy a Condo in Ontario

A condo is how many Ontarians get their foot on the property ladder — lower entry prices, less upkeep, and locations close to transit and downtown cores. But buying a condo isn't quite the same as buying a house: there are maintenance fees, a status certificate to review, and rules that come with shared ownership. Here's exactly how to buy a condo in Ontario, step by step.

Key takeaways

• The minimum down payment on a condo follows the same rules as any home: 5% under $500,000, scaling up from there.
• Always order and review the status certificate before your offer goes firm — it reveals the corporation's financial health.
• Monthly maintenance fees are an ongoing cost lenders count against your affordability.
• Budget 1.5%–4% of the price for closing costs, plus roughly $100 for the status certificate.
• Eligible HOMEH buyers can receive the industry's highest Cashback Rebate on a condo purchase.

Step 1: Know what you can afford

Before you tour a single unit, get clear on your budget. A condo purchase has the same financing foundations as a house: your down payment, your mortgage, and the lender's debt-service limits. The wrinkle with condos is that maintenance fees count toward your housing costs, so a high-fee building lowers the mortgage you'll qualify for.

Lenders look at two ratios: your GDS (housing costs versus gross income, aim for 39% or less) and your TDS (all debts, aim for 44% or less). A portion of your condo fees is folded into that housing-cost figure. Run your numbers through the HOMEH affordability calculator before you start shopping, and read our full guide to buying a house in Ontario for the big picture.

Minimum down payment in Canada

For a purchase under $500,000 the minimum down payment is 5%. From $500,000 to $1,499,999 it's 5% on the first $500,000 plus 10% on the rest. At $1,500,000 or more you need 20%.

Step 2: Get pre-approved

A mortgage pre-approval tells you your price ceiling and locks a rate for a set period. It also signals to sellers that you're serious — important in competitive condo markets like downtown Toronto. Remember the stress test: you must qualify at the greater of your contract rate plus 2% or the 5.25% benchmark floor.

One caveat unique to condos: some lenders are cautious about buildings with very high maintenance fees, a large share of rented units, or pending special assessments. A good broker will know which lenders are condo-friendly. See the difference between pre-approval and pre-qualification before you apply.

Step 3: Tour units and make an offer

When you find the right unit, your agent prepares an Agreement of Purchase and Sale. For condos, two conditions matter most: a financing condition and a status certificate review condition. The status certificate condition gives your lawyer time to read the building's documents before you're locked in.

You'll also include a deposit — typically delivered within 24 hours of an accepted offer and held in trust. Learn how deposits work in our guide to deposits when buying a home.

Step 4: Review the status certificate

The status certificate is the single most important condo-specific document. It's a package — costing around $100 — that discloses the corporation's finances, reserve fund, rules, insurance, any planned special assessments, and whether the unit is up to date on fees. Your real estate lawyer reads it and flags red flags before your offer firms up.

Read the reserve fund line

A thin reserve fund can mean a future special assessment — a one-time charge to every owner to fund major repairs. Our deep dive on the condo status certificate explains exactly what to look for.

Step 5: Budget for fees and closing costs

Beyond the purchase price, condos carry two cost layers: ongoing maintenance fees (paid monthly, covering building upkeep, amenities and often some utilities) and one-time closing costs (paid once, at closing). Budget roughly 1.5%–4% of the price for closing costs.

Toronto buyers pay land transfer tax twice

In the City of Toronto you pay a municipal land transfer tax on top of the provincial one. First-time buyers can claim rebates of up to $4,000 (provincial) and $4,475 (Toronto). See the full breakdown in our closing costs in Ontario guide.

Step 6: Close and get your keys

On closing day your lawyer exchanges funds and documents with the seller's lawyer, registers the transfer, and you take possession. From firm offer to closing is usually 30 to 90 days. After that, your maintenance fees begin and you're a condo owner.

Get cashback on your condo

Eligible HOMEH buyers receive the industry's highest Cashback Rebate — real money back on your condo purchase that can cover your closing costs many times over. Start your search on the Toronto condos page and estimate your rebate with the cashback calculator.