Skip to content
CMHC Home Canada Mortgage
and Housing Corporation
  • Sign In or Register
  • FRANÇAIS
  • MENU
MENU
× FRANÇAIS
  • Home
  • Professionals
    • Project funding and mortgage financing
      • Funding programs
        • Affordable Housing Innovation Fund
        • Community (social) housing
        • Federal Lands Initiative
        • Funding for Indigenous housing
        • Housing Supply Challenge
        • Innovation and research
        • National Housing Co-Investment Funding
        • National Housing Strategy Project Profiles
        • Rapid Housing Initiative
        • Rental Construction Financing Initiative
        • Shared Equity Mortgage Providers Fund
      • Mortgage loan insurance
        • Homeowner and small rental mortgage loan insurance
        • Homeowner Business Transformation (HBT)
          • Arrears Report Upload Tool - Coming 2022
          • Default Management Request Submission Tool
          • Homeowner Claims Submission Tool
          • User Access Management (Coming Soon)
        • Multi-unit mortgage loan insurance
          • MLI Select
        • Default, claims and properties for sale
        • Underwriting centre
        • emili
        • NHA approved lenders
        • Calculating GDS / TDS
        • Mortgage fraud
          • Approved Lender Advise of Fraudulent, False and Misleading Information
        • Contact mortgage loan insurance
        • Insured Mortgage Purchase Program (IMPP)
        • COVID-19: CECRA for small businesses has ended
      • Securitization
        • NHA Mortgage Backed Securities
        • Canada Mortgage Bonds
        • Canadian registered covered bonds
        • Blockchain in the housing industry
    • Housing markets, data and research
      • Housing markets
        • CMHC Reports Calendar
        • Housing market reports
        • Mortgage market and consumer reports
      • Housing research
        • Housing research reports
        • Housing surveys
        • Research awards and scholarships
        • Understanding core housing need
        • Collaborative Housing Research Network
      • Housing data
        • Data tables
          • Household characteristics data
          • Housing market data
          • Mortgage and debt data
          • Rental market data
        • Housing market information portal
        • Residential Mortgage Industry Data Dashboard
        • Housing in Canada Online (HiCO)
        • CMHC licence agreement for the use of data
        • Housing Knowledge Centre
    • Industry innovation and leadership
      • Housing innovation
      • Our Partners
        • Partnerships
        • Federal, Provincial and Territorial Forum on Housing
          • Resources for Members of the Federal, Provincial and Territorial Forum on Housing
      • Industry collaboration
      • Industry expertise
        • Affordable housing
        • Indigenous housing
        • Senior housing
        • Accessible and adaptable housing
        • Developing sustainable housing
        • Resources for mortgage professionals
        • CMHC e-newsletters
    • Events and speakers
      • Conferences
      • Speakers’ bureau
  • Consumers
    • Buying a home
      • Homebuying calculators
        • Mortgage calculator
        • Affordability calculator
        • Debt service calculator
      • Buying guides
        • Homebuying step by step
        • CMHC's condominium buyer's guide
      • Mortgage loan insurance for consumers
        • What is CMHC mortgage loan insurance?
        • Do I qualify for mortgage loan insurance?
        • CMHC mortgage loan insurance costs
        • CMHC Eco Plus
        • CMHC — home renovation financing options
        • FAQs — mortgage loan insurance
        • COVID-19: understanding mortgage payment deferral
      • First-time home buyer incentive
      • Incentives for homebuyers
      • Newcomers
    • Owning a home
      • Manage your mortgage
        • Mortgage fraud
        • Mortgage planning tips
        • Plan and manage your mortgage
        • Your credit report
        • Your home value
      • Aging in place
        • Housing options for Seniors
        • Housing and finance tips
        • Mortgage financing options for people 55+
        • Preventing fraud and financial abuse
    • Renting a home
      • I want to rent
        • Things to consider before renting
        • Types of housing for rent in Canada
        • Finding or advertising a rental property
        • Visiting the rental property
        • Lease and rental agreements
        • Signing the lease
        • Credit checks and bad credit
        • Rental payments and deposits
        • Roommates and pets
      • I am renting
        • Moving day
        • Landlord/Tenant responsibilities
        • Inspections
        • Maintenance and repairs
        • Complaints and evictions
        • Rent increases
        • When you can't pay rent
        • Renewing or terminating the lease
        • Moving out
      • One-Time Top-Up to the Canada Housing Benefit
      • COVID‑19: eviction bans and suspensions to support renters
  • About CMHC
    • CMHC’s Story
    • Management and governance
      • Speakers’ bureau
      • Annual public meeting
      • Board of directors and committees
      • Our management committee
      • Pension governance
        • Pension overview
        • Key roles and responsibilities
        • Annual reports
    • Corporate reporting
      • CMHC annual report
      • Program evaluation
      • Quarterly financial reports
      • Joint auditors special examination report to CMHC board 2018
      • CMHC’s Insured Mortgage Deferral
      • Summary of the corporate plan
      • Transparency
        • Access to information and privacy protection
        • Accessibility at CMHC
        • Accessibility feedback process
        • Briefing materials
        • Procurement
        • Travel, hospitality and conference expenditures
    • Contact us
      • CMHC departments
        • Contact your multi-unit housing solutions specialist
        • Contact mortgage loan insurance
        • Indigenous and the North Housing Solutions
      • Granville lsland
      • Media relations
      • National office
      • Regional offices
      • Holiday service hours
    • Careers
  • Media Newsroom
    • Coronavirus (COVID-19) updates
    • Media relations
  • National Housing Strategy
    • What is the strategy?
      • About the initiatives
      • How to apply
      • Help and resources
      • Priority areas for action
      • The National Housing Strategy Glossary of Common Terms
      • The Strategy in Action
    • Federal/Provincial/Territorial housing agreements
    • Other funding and financing opportunities
  • The Housing Observer
  • Careers
  • Housing Knowledge Centre
 
  • Home
  • Consumers
  • Buying a home
  • Buying guides
  • CMHC's condominium buyer's guide
  • Tips for buying a new condominium
  • Save page to My Folder
    Save
  • Share this page
    Share
Save Icon

SAVE TO MY FOLDER

Tips for buying a new condominium

SAVE
Close this Window   |   Manage my Folder
Save Icon

SAVE TO MY FOLDER

Tips for buying a new condominium

Done Done!
Close this Window   |   Manage my Folder
Share icon

Share via

  • Facebook
  • LinkedIn
  • Mail
  • Twitter
  • print
  • CopyLink

SuccessCopyLinkVersionLink copied

Share icon

Share via

  • Facebook
  • LinkedIn
  • Mail
  • Twitter
  • print
  • CopyLink

SuccessCopyLinkVersionLink copied

share icon

Mail-blue Share via Email

Did You Know?

You can include an email signature?

Register | Sign In

×
Google Captcha Loader
share icon

Mail-blue Share via Email

Done Done!
Close this window

Tips for buying a new condominium

Handy tips to help you when you go to buy a new condominium.

Show Guide Chapters
  • CMHC's condominium buyer's guide
  • Chapter 1: condominium basics
  • Chapter 2: condominium governance
  • Chapter 3: the pros and cons of condominium ownership
  • Chapter 4: buying a condominium
  • Chapter 5: checklists, tip and FAQ's
  • Tips for buying a new condominium
  • Tips for Buying a Resale Condominium
  • Checklist for buying a new condominium
  • Checklist for buying a resale condominium
  • Condominium purchase and recurring costs
  • Physical evaluation checklist (for resale units)
  • Questions to ask advisors and condominium experts
  • Frequently asked questions
  • Glossary
  • Provincial and territorial fact sheets

Look over the unit’s drawings and specifications so you’re clear about the floor measurements. Do they reflect the actual floor area of the unit or do they include the exterior and interior wall floor space areas as well? Verify where the unit’s boundaries are and that your unit factor is reasonable.

Find out whether or not you can have changes made to the placement of walls, windows, doorways and types of doors (such as a pocket door) and what the costs would be.

Inquire whether the building and/or your unit will be accessible to someone with limited mobility. What universal design features will the unit include?

Find out if there are plans to reduce the ceiling height anywhere in the unit to allow for ductwork and other mechanical and electrical services. This can have an impact on the esthetics of the unit and the eventual location of lighting fixtures and furniture as well as wall decorations and fittings.

Check the future location of heating and air-conditioning equipment, ventilators and hot water heaters. Again, this can affect how much space you’ll have and the attractiveness of your unit.

Ask the developer key questions about construction quality, such as:

  • Have any special steps been taken to limit noise between units?
  • How are the units heated, cooled and ventilated?
  • How are odours controlled?
  • Is the building energy-efficient? If so, what special equipment or systems would need to be maintained?
  • Has water efficiency been incorporated into the unit’s fixtures?
  • Who operates and maintains the heating and air-conditioning systems?
  • What options are there for suite wall and floor finishes, cabinets, and plumbing and lighting fixtures?
  • How has the building construction taken into account environmental considerations?

Check with the developer and municipality about construction plans in the neighbouring area. Is the building part of a larger complex? What are the plans to build other structures, such as a high-rise, nearby? Could new buildings change the view from your unit significantly?

Be clear about what is and isn’t included in the purchase price so you can compare overall costs with other condominiums. For example:

  • Are there amenities, such as pools and parking, and how are they paid for?
  • Are finishes in the units included in the purchase price?
  • Are there other charges over and above the purchase price you should be aware of?
  • Are utilities (gas, electricity and water charges) covered in the monthly condominium fees or are they separately metered? (You don’t want to end up paying part of your neighbour’s utility bills.)

Verify, as best you can, that your monthly condo fees are realistic. Condo fees often increase after the condominium’s first year of operation because the developer may have agreed to pay for certain expenses in the first year, such as a concierge’s salary, but not in the second year. Fees can also increase after the first reserve fund study has been completed.

Investigate whether there are any “hidden” costs. For example, some developers take out long-term leases on building fixtures, such as furnaces, to save on capital costs. These costs are inevitably passed along to owners.

Check if the unit comes with a new home warranty, which ensures that the building is properly constructed and meets legal regulations. You should know what the warranty covers and for how long. Coverage on major components can run for as long as five to seven years after a building is completed. For more information on new home warranties, see CMHC’s online guide Homebuying Step by Step.

Evaluate the current state of the construction project. Is it likely that the project will be completed by the date set out in the purchase agreement from the developer? It’s important to assess this before making your moving and financing arrangements. There can be an unexpectedly lengthy wait before a new condominium project is completed and you can move in.

Request a “disclosure statement” from the developer in those jurisdictions where legislation stipulates a developer must provide you with one before the sale agreement is binding. A disclosure statement will give you some indication of the rules, regulations and financial situation of the condominium corporation before you buy and includes, among other things:

  • a summary of the condominium’s features and amenities;
  • the condominium’s governing documents; and
  • the condominium’s budget for the first year after registration.

Find out if your purchase agreement lets the developer extend the occupancy date. This is especially important if you are making arrangements to vacate your existing home by a specific date based on the original closing date. You should also check your provincial or territorial homeowner protection legislation to learn your rights if your agreed-upon occupancy date is missed.

Consult with your lawyer before signing any documents.

Previous Checklists, tips and FAQ's for condominium buyers Next Tips for buying a resale condominium

Was this page relevant to your needs?

Thank you for your feedback!

Sorry to hear that! Can you tell us about the problem?

Google Captcha Loader

For further assistance, please contact us

Thank you. Your feedback has been submitted.

Date Published: March 31, 2018

By Topic

  • Professionals
    • Project funding and mortgage financing
    • Housing markets data and research
    • Industry innovation and leadership
    • Events and speakers
  • Consumers
    • Home buying
    • Owning a home
    • Renting a home

About Us

  • CMHC's Story
  • Management and Governance
  • Our Partners
  • Corporate Reporting
  • Contact Us
  • Careers

More

  • CMHC e-Newsletters
  • CMHC Library
  • Housing Observer Online
  • Media Newsroom
  • CMHC on Twitter
  • CMHC on LinkedIn
  • CMHC on Facebook
  • CMHC on Instagram
  • CMHC on YouTube
Privacy Policy    |    Terms and Conditions    |    Transparency    |    Accessibility Plan    |    Accessibility Feedback     Canada Mortgage and Housing Corporation (CMHC) ©2023 
Canada
loader icon