Buying or renting a condo comes with its own vocabulary. This glossary explains the terms you’ll see in listings, status certificates and builder contracts in plain language, with links to our longer guides where a topic needs more detail.
How a condo is owned and run
- Condominium corporation
- The legal body that owns and runs the shared parts of a condo building or complex. Every owner is a member, and it is funded by the monthly maintenance fees owners pay.
- Unit
- The part of the building you own outright, like your suite. Its exact limits (for example, whether the walls or windows are yours) are set out in the declaration.
- Common elements
- Everything in the condo that is not part of a unit, such as hallways, lobbies, elevators, the roof, the garage and the grounds. Owners share them and pay for them together through their fees.
- Exclusive-use common elements
- Shared property that only one owner is allowed to use, like a balcony, a terrace or sometimes a parking spot. You get to use it, but the corporation still owns it and its rules still apply.
- Declaration
- The condo’s founding legal document. It defines the units and common elements, each unit’s share of the costs, and big rules such as limits on how units can be used or leased.
- Bylaws and rules
- Bylaws cover how the corporation is run, like how the board is elected. Rules cover day-to-day living, such as pets, noise, move-in times and use of the amenities. Owners and tenants both have to follow them.
- Condo board
- A small group of owners elected to make decisions for the corporation, such as setting the budget and hiring the property manager. Board members are volunteers and are usually elected at the annual general meeting.
- Property manager
- The company or person hired by the board to run the building day to day, from collecting fees to booking repairs. Condo managers in Ontario must be licensed.
- Annual general meeting (AGM)
- The yearly meeting where owners hear about the building’s finances, elect board members and ask questions. The minutes from recent meetings are worth reading before you buy.
- The provincial body that offers information to condo owners and runs the Condominium Authority Tribunal, an online tribunal that settles certain disputes between owners and their corporation.
Money and fees
- Maintenance fee (common expenses)
- The monthly amount each owner pays to run the building. It covers upkeep, insurance on the building, staff, savings for future repairs and sometimes utilities. See how to evaluate condo maintenance fees.
- Reserve fund
- The building’s savings account for big repairs and replacements, like roofs, elevators, windows and the parking garage. Part of every maintenance fee goes into it.
- Reserve fund study
- A report by an outside expert that lists the building’s major parts, estimates when each will need repair, and says how much the corporation should be saving. Ontario condos must update it every few years.
- Special assessment
- A one-time bill charged to every owner when the building needs more money than it has, often because the reserve fund came up short. Check the status certificate and meeting minutes for any planned or past assessments before you buy.
- Sub-metering
- When each unit has its own meter for hydro or water and is billed separately, instead of the cost being built into the maintenance fee. Always check which utilities a fee includes.
- Condo lien
- A claim the corporation can register against a unit when the owner doesn’t pay their fees. If it isn’t paid, the corporation can eventually force the unit to be sold to recover the money.
- Master insurance policy
- The corporation’s insurance on the building and common elements. It does not cover your belongings or upgrades you make, so owners still need their own condo insurance.
- Insurance deductible (condo)
- The amount the corporation pays before its insurance kicks in. Depending on the declaration, an owner can be charged that deductible if the damage started in their unit, so it is worth knowing the amount.
Buying a condo
- Status certificate
- A package from the corporation with the building’s finances, the reserve fund, any legal issues and the declaration, bylaws and rules. Buyers usually make their offer conditional on a lawyer reviewing it. See the status certificate explained.
- Conditional offer
- An offer that only becomes firm if certain things happen by a set date, such as your financing being approved or your lawyer approving the status certificate. Learn more about offer conditions in Ontario.
- Deeded parking or locker
- A parking spot or locker that is its own legal unit with its own title, so you own it outright. The other common setup is exclusive-use, where you only have the right to use it. See parking and locker ownership.
- Leasing restrictions
- Rules in the declaration or rules that limit how units can be rented, such as a minimum lease length or a ban on short-term rentals. They matter to investors and to anyone planning to rent a unit out later. See rental vs. owner-occupied buildings.
- Land transfer tax
- A provincial tax you pay when you close on a home, based on the price. First-time buyers can get a rebate. Try our Ontario land transfer tax calculator.
- Closing costs
- The costs due on closing day on top of your down payment, such as land transfer tax, legal fees, title insurance and adjustments. See closing costs in Ontario.
- Statement of adjustments
- A summary your lawyer prepares that balances costs between buyer and seller on closing day, such as property tax or fees the seller already prepaid for the month.
Townhouses and other condo types
- Condo townhouse
- A townhouse that is part of a condominium corporation. You own your unit, the corporation looks after the shared parts and often the exterior, and you pay a monthly fee. Compare condo apartments vs. condo townhouses.
- Freehold townhouse
- A townhouse where you own the house and the land it sits on, with no condo corporation and no monthly condo fee. You handle all of your own upkeep. See freehold vs. condo townhouses.
- POTL (parcel of tied land)
- A freehold home that is legally tied to a small common elements condominium, such as a shared private road, visitor parking or snow removal. You own your home and land, and pay a usually modest monthly fee for the shared parts.
New construction and pre-construction
- Interim occupancy
- The period when you can move into a new condo before the building is officially registered as a condominium. You live in the unit but don’t own it yet, so you can’t get your mortgage until final closing.
- Occupancy fee
- The monthly amount you pay the builder during interim occupancy. It covers interest on the unpaid balance of the price, estimated maintenance fees and estimated property taxes. None of it goes toward the price of the unit.
- Registration and final closing
- Registration is when the building is legally created as a condominium. After that comes final closing: title moves to you, your mortgage funds, and the occupancy fee stops.
- Assignment
- When a pre-construction buyer sells their contract to someone else before the unit closes. The new buyer takes over the original agreement with the builder. Builders often charge a fee and must approve it.
- Tarion warranty
- Ontario’s new home warranty program. It covers new condos and homes for set periods: 1 year for workmanship and materials, 2 years for items like water leaks and major systems, and 7 years for major structural defects.
- PDI (pre-delivery inspection)
- A walk-through of a new unit with the builder before you move in, to note any damage or unfinished work. Anything missed can still be reported later under the Tarion warranty.
Put it to use
Once you know the terms, compare real buildings. Browse the condo building directories for Mississauga, Oakville, Burlington and Milton, where each building page lists its year built, suite sizes and fee ranges. For prices and how fast units are selling, see the market reports. Looking at a specific area? Start with a neighbourhood like Port Credit or Bronte.
Frequently Asked Questions
What is the most important document when buying a condo in Ontario?
The status certificate. It shows the building’s finances, the reserve fund, any special assessments and any legal issues. Most buyers make their offer conditional on a lawyer reviewing it.
What is the difference between a reserve fund and a special assessment?
The reserve fund is money the building saves over time for big repairs. A special assessment is a one-time bill owners pay when the reserve fund isn’t enough to cover a repair.
Do tenants have to follow condo rules?
Yes. Tenants in a condo unit must follow the building’s declaration, bylaws and rules, the same as owners do.
Miko Nalepa
Realtor® at The Condo Bar Real Estate · RECO #4737024
With 15+ years in real estate and a GTA West focus since 2016, Miko Nalepa is a Realtor® with Right At Home Realty, Brokerage, specializing in condos, townhouses, and detached homes across Mississauga, Oakville, Burlington, and Milton. The focus stays deliberately narrow -- four cities, not a Toronto-wide practice -- because that's what it takes to know individual buildings and blocks, not just neighbourhood names.
Miko Nalepa is also the creator of The Condo Bar, the data platform behind this site, tracking building-level sales history and live market reports across 450+ GTA West condo buildings so every recommendation starts with what comparable units actually closed for, not asking price.