How do you recommend finding out if the condo we want to purchase is affordable? How do we find out the different fees/bills that we’d be incurring, in addition to new ones? Also, can you recommend any seminars that offer tips on purchasing a condo, especially a resale one? Good tip about reading the condo association minutes. How would we gain access to that?

When looking for condos, it is important to work with an expert who knows the buildings and suites very well. There are hundreds of buildings available in Toronto, so it is not so easy to determine value. For example, a one bedroom condo in some buildings could be worth $399,000 but you could get the same thing across the hall or across the street for $200,000. Therefore, we need to make sure we are comparing apples to apples.

The key to determining if the condo is priced right is working with a Realtor that has access to all the previous transactions in each building. Things such as view/direction of the suite, level, layout and dozens of other variables are used to complete a full CMA (comparative market analysis). Once we have found the suites in that specific building that have sold previously, we can then use this data to determine whether or not the asking price of a listing is in line with the previous sales. This process is actually done by the Realtor who first lists a condo for sale. They use comparables to set the asking price and then the buying agent repeats this process to make sure the asking price is accurate according to the previous sales.

This way you will always know whether or not you are getting a “Good Deal”.

As far as expenses go, I have access to all the information on each listing, such as price of the maintenance fees, hydro, taxes and all other monthly fees. If there is any information that is not there, it is my job as a Realtor to research that data and provide it to the client.

Regarding your question about condo seminars - I do not know of many seminars where you can find information, other than those for new projects. I would be cautious about the information that is provided at these kind of seminars, since the people providing it actually work for the developer and are obligated to represent the developer, not you. I do, however, offer a free one-on-one consultation in my office where I cover the questions that you asked and a lot more. If you are interested in setting up a free consultation, please feel free to call me at 416-495-2727. I work with a team of Buyer Specialists who specialize in working exclusively with buyers, and unlike the developer or agents that list properties for sale, they will work on your behalf under contract. They are fully licensed members of the Toronto Real Estate Board and have access to every listing in the city regardless of what brokerage holds the listing.

As for your last question, information, such as minutes to condo association meetings, reserve fund amount and the financial stability are found in the status certificate. When I am working for a client and we put an offer on a listing, I always add a condition to the offer that allows us to get access to the Status Certificate, where all of this information along with other valuable information about the condominium corporation and board can be found. This is extremely important to have, which is why every offer I write is conditional on not only receiving this information, but also being satisfied with the information contained therein.

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