In short
It tells you whether the building has money in the bank or a big bill on the way.
Have a lawyer review it before your offer is final.
How status certificates work in Ontario
A status certificate is a package from the condo corporation that reports on the corporation and a specific unit. It's set out in section 76 of the Condominium Act, 1998, and uses a standard provincial form.
Anyone can request one by writing to the corporation and paying its fee. The corporation must provide it within 10 days of the request.
If it doesn't arrive on time, the law treats the corporation as having certified that there's no default in common expenses for the unit.
The certificate is dated, and the information is accurate as of that date. If your closing is months away, your lawyer may ask for an updated certificate or confirm nothing material has changed.
What's in a status certificate
The certificate itself covers the unit's common expenses and any arrears, known fee increases, special assessments, the reserve fund balance, the date of the last reserve fund study and the plan for future funding, legal actions involving the corporation, and the building's insurance.
It comes with supporting documents, including the declaration, by-laws and rules, the current budget, the most recent financial statements, and other key records.
The corporation is bound by what the certificate says, as of its date, in favour of the buyer or lender who relies on it.
How to use it when you buy
For a resale condo, most buyers make their offer conditional on their lawyer reviewing the status certificate within a set number of days.
Your lawyer looks for red flags: a low reserve fund, a planned special assessment, big fee increases, lawsuits, insurance gaps, or rules that clash with your plans, like pets or rentals.
It tells you whether the building has money in the bank or a big bill on the way.
For a new condo bought from a builder, you get a disclosure statement instead, and the rules differ. This page is about resale condos.
Common questions about status certificate
Is a status certificate required in Ontario?
A status certificate isn't legally required to buy a condo, but it is strongly recommended and lenders often want it. It's the main way to see the condo corporation's finances, fees, special assessments and legal issues. Most buyers make their offer conditional on their lawyer's review of it.
How long does it take to get a status certificate in Ontario?
The condo corporation must provide it within 10 days of receiving the request and the fee, under the Condominium Act, 1998. Some corporations offer faster service for an extra charge. Leave enough time in your condition period for your lawyer's review.
What should I look for in a status certificate?
Look at the reserve fund balance and funding plan, any special assessments, planned fee increases, lawsuits, and the building's insurance. Also check the rules on pets, rentals and renovations. Your lawyer can flag anything unusual and explain what it means for you.
Who orders the status certificate, the buyer or the seller?
Either can, since anyone can request one from the condo corporation. Sellers sometimes order it in advance so buyers can review it before making an offer. Buyers often order it after an offer is accepted, with the deal conditional on a lawyer's review.
Sources
General information for Ontario, updated October 2026. Not legal, tax or mortgage advice. Rules change, so confirm with your lawyer, lender or the source above before you rely on it.