Units in buildings with 10 to 40+ storeys. Typically 500 to 1,200 sq ft with 1 to 3 bedrooms. Price range in Richmond Hill and Markham: $450,000 to $900,000. Amenities usually include a gym, party room, concierge, pool (in newer buildings) and visitor parking. Monthly fees: $400 to $900. Best for first-time buyers, downsizers and investors. Found along Yonge Street, Highway 7 corridor, Markham Centre and near GO stations.

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Multi-level units with their own front door, often with a small backyard or patio and an attached garage. Typically 1,200 to 1,800 sq ft with 3 to 4 bedrooms. Price range: $700,000 to $1,100,000. Monthly fees: $200 to $500 (lower than high-rise because fewer shared amenities). Fees typically cover snow removal, landscaping, common area maintenance and building insurance. Best for young families who want more space than an apartment but at a lower price than a freehold townhouse.

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Buildings with 4 to 10 storeys, typically with fewer units than a high-rise. Units range from 600 to 1,400 sq ft. Price range: $500,000 to $850,000. Monthly fees: $350 to $750. These buildings often have fewer amenities (no pool, smaller gym) but also lower fees and a quieter atmosphere. Best for buyers who want the convenience of condo living without the density of a large high-rise.

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Condo fees (also called maintenance fees or common expenses) typically cover building insurance, reserve fund contributions, common area maintenance and cleaning, elevator maintenance, garbage and recycling, property management fees, superintendent costs and amenity upkeep. Some buildings also include water, heat and/or hydro in the fees. Check what is included because it affects your total monthly carrying cost. A $700/month fee that includes heat and water is effectively cheaper than a $500/month fee where you pay $300/month for utilities separately.

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A building with unusually low condo fees relative to its age and size may be deferring maintenance or underfunding the reserve. This means future fee increases or special assessments are likely. A well-managed building with fees that accurately reflect its maintenance needs is more financially stable than a building that keeps fees artificially low. Always compare fees per square foot to similar buildings of the same age and check the reserve fund study to confirm the fees are adequate.

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As a general benchmark, condo fees in Richmond Hill and Markham range from $0.55 to $0.95 per square foot per month for buildings under 10 years old, $0.70 to $1.10 for buildings 10 to 20 years old and $0.85 to $1.30+ for buildings over 20 years old. Fees increase over time as buildings age and maintenance costs rise. Budget for annual increases of 3% to 5%. My true cost of owning guide breaks down all carrying costs including condo fees.

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The status certificate is a legal document issued by the condo corporation that discloses the financial and legal health of the building. It includes the reserve fund balance and most recent reserve fund study, the current budget and financial statements, any planned or pending special assessments, outstanding or pending litigation, the corporation's insurance coverage and deductibles, the declaration and bylaws, rules and restrictions and any compliance issues with the unit. Your real estate lawyer reviews this document and advises you on any red flags before you waive your condition.

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Underfunded reserve: If the reserve fund study shows the fund is below recommended levels, future fee increases or special assessments are coming.

Pending litigation: Lawsuits against the corporation (construction defects, slip-and-fall claims, disputes with contractors) can result in special assessments to cover legal costs and settlements.

High insurance deductible: Some buildings have deductibles of $50,000 to $250,000+. If a water leak from your unit causes damage to common areas or other units, you may be responsible for the deductible. Check the amount and ensure your unit insurance covers it.

Recent or planned special assessments: A special assessment is a one-time charge to all owners to fund a major repair or shortfall. Assessments of $5,000 to $50,000+ per unit are not uncommon in older buildings.

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Every condo offer should include a condition allowing your lawyer to review the status certificate within a specified period (typically 10 days after the corporation delivers it). Under Ontario's Condominium Act, the corporation must provide the status certificate within 10 days of a written request. If the review reveals serious issues, you can walk away from the deal with your deposit returned. Waiving this condition without a lawyer review is one of the riskiest things a condo buyer can do.

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The reserve fund is a savings account maintained by the condo corporation to pay for major repairs and replacements: roof, elevators, parking garage, windows, HVAC systems, lobby renovations and other capital expenditures. A portion of your monthly condo fees goes into the reserve fund. Ontario law requires a reserve fund study every three years to ensure the fund is adequate for planned maintenance over the next 30 years. A healthy reserve fund means the building can cover major repairs without levying special assessments on owners.

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A special assessment is a one-time charge to all owners when the reserve fund cannot cover a major expense. Examples: a building needs $2,000,000 in window replacements but the reserve fund only has $500,000. The $1,500,000 shortfall is divided among all owners based on unit size. On a 200-unit building, that could be $7,500 per unit. On a 50-unit building, $30,000 per unit. Special assessments are payable on short notice (often 30 to 90 days) and are enforceable as a lien on your unit. Check the status certificate for any pending or planned assessments before buying.

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Many condos have pet restrictions: no pets allowed, pets allowed with size or breed limits, a maximum number of pets or restrictions on exotic animals. Some older declarations contain no-pet clauses that are enforceable even if the seller currently has a pet (they may have been grandfathered in). If you have a pet or plan to get one, verify the pet rules in the declaration and bylaws before making an offer.

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Some condos restrict or limit rentals: minimum lease terms (typically 12 months), a cap on the percentage of units that can be rented at any time, no short-term rentals (Airbnb) or requirements to register tenants with the corporation. If you are buying as an investment property, rental restrictions directly affect your ability to generate income. Verify the rental rules before purchasing.

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Unlike a freehold home, you cannot renovate a condo unit without restrictions. Most condos require board approval for any work that affects plumbing, electrical, walls, flooring or HVAC. Some restrict the types of flooring you can install (hardwood on upper floors may require sound insulation underlayment). Structural walls cannot be removed. Windows and balconies are common elements and cannot be altered. If you plan to renovate, understand the approval process and restrictions before buying.

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The condo corporation carries insurance for the building structure, common areas and standard unit finishes (as defined in the declaration). Your unit insurance (often called HO-6 or condo unit owner's insurance) covers your personal belongings, your upgrades and improvements beyond standard unit finishes, your liability and the corporation's deductible if damage originates from your unit.

The critical item: the corporation's deductible. Some buildings have deductibles of $25,000 to $250,000+. If a water leak from your dishwasher causes damage to your unit and the unit below, the corporation may charge you the deductible amount. Your unit insurance must cover this. Check the deductible amount in the status certificate and ensure your policy includes adequate coverage. Budget $30 to $80/month for unit insurance depending on coverage level.

Ontario's Condominium Act allows the corporation to charge back the deductible to the owner whose unit caused the damage. This is a significant financial exposure that many condo buyers do not understand until it happens.

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In York Region, freehold detached homes have historically appreciated faster than condos. Over the past 10 years, detached homes in Richmond Hill and Markham have appreciated 60% to 90% while condos have appreciated 30% to 50%. The land component of a freehold home drives appreciation. A condo unit appreciates primarily with the building, which depreciates physically even as the land value increases. For pure investment returns, freehold typically outperforms.

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The condos that hold value and sell fastest on resale are units with 2+ bedrooms (one-bedroom units have the weakest resale demand), south or west-facing exposure (natural light), higher floors with unobstructed views, parking and locker included, well-maintained buildings with healthy reserves and locations near transit (especially GO stations and the future Yonge North subway). Corner units with extra windows also command a premium. My selling guide covers how to maximize your resale price.

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The densest condo corridor in Richmond Hill. Near Hillcrest Mall, restaurants, retail, Viva transit and the future Yonge North Subway Extension. A mix of newer high-rises and mid-rises. Price range: $500,000 to $850,000 for 1 to 2-bedroom units. Best for buyers who want walkability, transit access and the appreciation upside from the subway extension. This area will see the most development and transit improvement over the next decade.

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Markham's emerging downtown core along Highway 7 near Warden Avenue. Newer buildings with modern amenities. Close to the Markham Pan Am Centre, Unionville GO station and Highway 404/407. Price range: $450,000 to $800,000. Best for buyers who work in the Markham tech corridor or want newer construction with lower condo fees.

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Low-rise and mid-rise condos near Unionville Main Street with a village feel. Walking distance to shops, restaurants, Unionville GO station and top-ranked schools. Price range: $550,000 to $900,000. Best for downsizers who want community character without maintaining a large home and families who want to be in the Unionville High School catchment at a lower price point than a detached home.

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