Buyer beware: Need to Know Before Buying a Condo

As we head well into Spring 2018, the market is splitting in two... some homes are not selling, yet condos, especially those in downtown Toronto, are still very hot, selling over asking with multiple bids.

Investing in a home can be a scary proposition, and there are things homeowners are not aware of before they take the plunge into the condo market.

When buying a new condo, the Ontario Ministry of Government and Consumers Affairs advises prospective buyers to review the condo declaration, bylaws and rules with their lawyer, real estate agent or accountant.

If it’s a resale condo, buyers should also look at the condo board’s budget and the status certificate.

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