Both new and resale condos offer pros and cons that you should consider before making a decision. The table below offers some of the key things you'll want to keep in mind:

If you decide to buy a resale condo:

• Obtain and review prior to purchase the corporation's documents, including the estoppel/status certificate. The estoppel certificate includes the condominium corporation's governing and financial documents, as well as its insurance coverage. Many times there is a cost to obtaining these documents but the fee is well worth it.
• Before you buy, verify that the condo has enough in its reserve fund to cover major repairs. If major repairs are required and funds are not available through the reserve, then unit owners may be expected to cover the shortfall.

Whether you purchase new or resale:

• Hire a professional inspector to perform a thorough inspection of the unit.
• Have a real estate lawyer (or notary in Quebec and British Columbia) review the Agreement of Purchase and Sale before you sign it.

For more information about condos, review the questions to ask before you buy.

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