Status Certificate

A status certificate in Ontario discloses financial and legal details of a condo corporation, essential for buyer due diligence.

Status Certificate

September 30, 2025


What is a Status Certificate?

A status certificate is a document issued by a condominium corporation in Ontario that provides important financial and legal information about a condo unit and the corporation as a whole. It includes details on reserve funds, legal proceedings, common expenses, and rules.

Why Status Certificates Matter in Real Estate

Status certificates matter in real estate because they provide transparency to buyers, lenders, and lawyers before completing a condo purchase. They help assess the financial health and potential risks of the condominium corporation.

Example of a Status Certificate in Action

Before buying a condo in Toronto, a buyer’s lawyer reviews the status certificate, discovering that the condo corporation has a healthy reserve fund and no pending lawsuits.

Key Takeaways

  • Provides financial and legal details about a condo.
  • Includes reserve fund balance and common expenses.
  • Reveals ongoing lawsuits or risks.
  • Reviewed by lawyers and lenders in transactions.
  • Essential for buyer due diligence in condo purchases.

Related Terms

  • Reserve Fund Study
  • Condo Fees
  • Disclosure Statement
  • Condominium Corporation
  • Buyer Due Diligence

Additional Terms

Public Realm Improvements

Public realm improvements are enhancements to public spaces such as sidewalks, parks, plazas, and streetscapes, often funded or contributed by. more

Mortgagee in Possession

A mortgagee in possession is a lender who takes control of a property after borrower default, but before foreclosure or power of sale. The lender. more

Lease Surrender Agreement

A lease surrender agreement is a negotiated contract between a landlord and tenant that ends a lease before its scheduled expiration. Terms may. more

Green Infrastructure

Green infrastructure refers to natural or engineered systems that manage stormwater, reduce heat, and improve sustainability in developments.. more

Escrow Holdback

An escrow holdback is a portion of funds withheld at closing and held in escrow until specific conditions are met, such as completion of repairs,. more

Underused Housing Tax

The Underused Housing Tax (UHT) is a federal annual 1% tax on the value of vacant or underused residential property owned by non-resident,. more

More For You

Gupta Group Tweaks ‘Yonge City Square’ In Favour Of Larger Family-Sized Units

Gupta Group Tweaks ‘Yonge City Square’ In Favour Of Larger Family-Sized Units

Rendering of the Young City Square under construction in North York/The Gupta Group, Arcadis

We're in the midst of a push to build more family-sized units in Toronto, and a proposed change to The Gupta Group’s Young City Square project is sympathetic to that.

The 32- and 14-storey development at 4050 Yonge Street in North York was first proposed in February 2020, launched presales in March 2023, and has been under construction since December 2024.

Keep ReadingShow less

New $1.3B Fund Launched To Buy Unsold GTA Condos, Convert To Rental

New $1.3B Fund Launched To Buy Unsold GTA Condos, Convert To Rental
WayneDouplains/Shutterstock

This week, High Art Capital and the Building Ontario Fund announced that they had partnered to launch the GTA Rental and Affordable Housing Initiative, a fund that will “acquire blocks of newly completed, unsold condominium units across the Greater Toronto Area and convert them into long-term rental housing.”

The partners said the fund is expected to be capitalized with a minimum of $1.3 billion, anchored by up to $300 million in mezzanine debt financing and a nominal equity investment from Building Ontario Fund (BOF) — the arms-length board-governed Crown agency established by the Government of Ontario in 2024.

Keep ReadingShow less
TRENDING: New $1.3B Fund Launched To Buy Unsold GTA Condos, Convert To Rental

“A Signal Was Sent”: BC Still Reeling From Budget 2026, Housing To Take A Hit

“A Signal Was Sent”: BC Still Reeling From Budget 2026, Housing To Take A Hit

Anthony Maw/Unsplash

The dust is yet to settle from the release of BC’s Budget 2026.

Weeks later, developers are still reeling, and say that it does nothing to encourage the housing development that the province badly needs. Even worse, they worry that tax measures introduced are actively discouraging it.

Keep ReadingShow less
“A Signal Was Sent”: BC Still Reeling From Budget 2026, Housing To Take A Hit

CALIBRATED Lands In Vancouver For Women Leading Construction, Development, Industrial Sectors

CALIBRATED Lands In Vancouver For Women Leading Construction, Development, Industrial Sectors

RHONDA DENT PHOTOGRAPHY/Shauna Moran Coaching

A leadership program aimed at women working in high-pressure, industrial sectors is landing in Vancouver this spring.

CALIBRATED: A Leadership Experience for Women Who Build will take over the Vancouver Club on May 13, bringing together women in senior leadership, executive, and technical roles across construction, development, infrastructure, energy, water, environment, and resources.

Keep ReadingShow less

Tightening Supply Could Support GTA Home Sales Later This Year: TRREB

Tightening Supply Could Support GTA Home Sales Later This Year: TRREB

After a softer start to the year, tightening market conditions could set the stage for a rebound in Greater Toronto Area home sales later in 2026, according to the Toronto Regional Real Estate Board.

New data from TRREB shows that while resale transactions declined year-over-year in February, new listings fell at a much sharper pace — a dynamic that could increase competition if demand begins to reassert itself.

Keep ReadingShow less

Expert: An HST Holiday Could Be A Lifeline For Ontario’s Housing Market

Expert: An HST Holiday Could Be A Lifeline For Ontario’s Housing Market
ValeStock/Shutterstock

The housing market in Ontario is not cooling. It is collapsing under the weight of taxes, regulatory drag and financial barriers that have choked off new supply precisely when it is needed most.

If the province is serious about restoring affordability and protecting thousands of skilled trades jobs, it must adopt a bold measure: a three-year HST holiday on the purchase of new homes up to $1.3 million.

Keep ReadingShow less

Graywood Buys Yonge–Eglinton Development Site From First Capital REIT For $42M

Graywood Buys Yonge–Eglinton Development Site From First Capital REIT For $42M

The 27-storey tower proposed for 34-70 Montgomery Avenue in Toronto. (Turner Fleischer, Graywood Developments)

A large transit-oriented development near the intersection of Yonge Street and Eglinton Avenue Westchanged hands just prior to the new year and will be taking a new form, according to updated application documents.

The subject site is 34-70 Montgomery Avenue, one block north of the Toronto Public Library’s Northern District Branch and about a five-minute walk away from Eglinton Station.

Keep ReadingShow less

Over 250 New Affordable Homes Break Ground In Regent Park

Over 250 New Affordable Homes Break Ground In Regent Park
Revitalization of Regent Part, Toronto

Toronto’s Regent Park is poised to welcome 271 new affordable homes as the next phase of its revitalization moves forward.

A new 26-storey tower, at the southeast corner of Gerrard Street East and Dreamers Way, will deliver 136 replacement rent-geared-to-income (RGI) units and 135 new affordable rental homes, with a focus on family-sized apartments. New indoor and outdoor community spaces are also part of the development.

Keep ReadingShow less
Privacy PolicyAbout UsTerms of UseAdvertise with UsJobsContact UsRSS Feed
All rights reserved SiteMedia © 2026.