Fees, reserves and rentals at this price
A cheaper suite with a heavy fee can cost more each month than a dearer one with a light fee, so start with the arithmetic, then read what the fee includes: heat, water, hydro, parking, a locker, cable. Next, open the status certificate and find the reserve fund study, compare its schedule with the contributions the corporation actually makes, and look for an assessment, an insurance claim or a lawsuit. In an older building, ask which of the big items are done, roof, windows, balconies, boilers, elevators, garage slab, and which are next. In a new mid-rise, ask how the fee moved after the first budget year and how many suites are tenanted. If you plan to rent the unit, the declaration and rules settle whether leasing is allowed, whether there is a minimum term and whether short-term stays are banned, which nearly every Oakville corporation now does. Bring the certificate to a lawyer before conditions come off.