Buying a Condo in Canada: Complete Guide (2026)

When you buy a condo you own your unit outright and a share of the building’s common elements (lobbies, hallways, the roof, the grounds), which a condo corporation run by an elected board manages for all owners. That shared ownership is what makes buying a condo different from buying a house: you are buying into a corporation’s finances and rules as well as a home, and lenders look at the building as well as at you. This guide covers the buying process, how condo financing works, insurance, and the first-time buyer programs that apply. It is part of our guide to property types in Canada.

In large cities a condo is often the entry point into ownership, and condos suit first-time buyers and people downsizing in retirement who want less upkeep. How the costs, appreciation and lifestyle compare with a detached home is covered in buying a condo vs a house, and owning a condo compared with renting an apartment in condo vs apartment.

How buying a condo works

The certificate. The condo corporation’s certificate (a status certificate in Ontario, an Information Certificate in B.C., an estoppel certificate in Alberta and several other provinces) shows the unit’s fees and arrears and the building’s finances and legal issues. What it contains, and how to read it, is covered in estoppel and status certificates by province; for Ontario’s rules, see the Ontario status certificate.

The fees. Condo fees cover the building’s shared costs and a contribution to the reserve fund for major repairs, and they rise over time. What they include, typical amounts by city, and how reserve funds and special assessments work are covered in condo fees, reserve funds and special assessments.

An inspection. A home inspection of a condo looks at the unit itself (plumbing, electrical, windows, appliances); the building’s common elements are assessed through the reserve fund study.

Financing a condo

The mortgage itself works the same way as for a house. The minimum down payment rules are the same: The minimum down payment is 5% of the first $500,000 and 10% of the rest for homes under $1.5 million, and 20% at $1.5 million or more. You also have to pass the mortgage stress test, and current rates are on our mortgage rates page. The differences come from the condo fee and from the building.

Condo fees in your debt ratios. For a mortgage insured by CMHC, “If applicable, 50% of the condominium fees must be included in the GDS and TDS calculations” (CMHC). For an uninsured mortgage, each lender sets its own rule and may count a different share. Either way, a higher fee lowers the mortgage you qualify for. GDS and TDS ratios explained shows how the ratios are calculated.

The building. Lenders and mortgage insurers also look at the condo itself. They may ask about the size of the building, how many units are owned by one investor, how much of it is commercial space, whether it operates like a hotel or short-term rental building, and the state of its finances. A unit in a building outside a lender’s guidelines can limit which lenders will finance it, so it is worth asking your lender or broker about the building before you firm up an offer.

Buying to rent out. If the unit will be a rental rather than your home, different down payment and qualification rules apply; see rental property mortgages. Whether a unit makes sense as a condo investment (rent, fees, rental restrictions and returns) is covered in the condo investment analysis.

Condo insurance

The condo corporation insures the building and common elements, but not your contents, your improvements to the unit or your personal liability, so owners buy their own condo unit policy. The policy can also cover your share of the corporation’s insurance deductible when damage starts in your unit; coverage types and costs are explained in our condo insurance guide.

New construction vs resale

A resale condo is bought from its current owner, and you can see the unit and the building’s records before you commit. A new condo is usually bought from the developer before it is built, with deposits paid over the construction period, an interim occupancy period before the building is registered, HST and Tarion warranty rules in Ontario; see buying pre-construction. A buyer who can’t or doesn’t want to close can sometimes sell the contract to someone else before closing, which is covered in assignment sales in Canada.

First-time buyer programs for condos

Canada’s first-time buyer programs apply to condos in the same way as to houses.

• First Home Savings Account (FHSA): contribute up to $8,000 a year, to a lifetime limit of $40,000, with tax-deductible contributions and tax-free qualifying withdrawals.
• RRSP Home Buyers’ Plan (HBP): withdraw up to $60,000 from your RRSPs for the purchase, repaid over 15 years.
• Land transfer tax refunds: Ontario refunds up to $4,000 of provincial land transfer tax for eligible first-time buyers, and Toronto has its own municipal rebate of up to $4,475; see first-time home buyer programs in Ontario. B.C. has a first-time buyer exemption from property transfer tax; see first-time home buyer programs in B.C..
• GST/HST new housing rebate: on a newly built condo, part of the GST or HST can be rebated, depending on the price and the province.

Each program has its own eligibility conditions; the first-time home buyer guide lists them.

The bottom line

Buying a condo means buying a share of a building as well as a unit. Beyond the price, the things that shape what it costs you are the fee and its history, the health of the reserve fund, the rules in the declaration and by-laws, and how your lender treats the fee and the building. A lawyer’s review of the certificate during the conditional period is the main protection against surprises.

Related pages

• Condo fees, reserve funds and special assessments
• Buying a condo vs a house
• Estoppel and status certificates by province
• Buying pre-construction
• How much house can I afford?