Buying a condo in London, Ontario
Condos are often the most affordable way into London's housing market, and the easiest to get wrong. Two units with the same price and floor plan can be very different purchases once you look at the building's finances, its rules and its fee history. This site explains what to check, in plain English.
The 5 things that matter most
- The status certificate, reviewed by a lawyer
- The health of the reserve fund
- What the monthly fee covers, and its history
- The building's rules on pets, rentals and renovations
- Recent sales of comparable units in the same building
Who buys condos in London?
London's condo market serves a wide mix of people, and knowing which group you're in shapes which buildings make sense:
- First-time buyers who want to stop renting and build equity, often in apartment-style condos or condo townhouses.
- Downsizers leaving a family home for something with no lawn, no snow shovelling and a single floor. They often favour north-end and riverside buildings, or adult-oriented townhouse communities.
- People moving from Toronto who are used to condo living and want to stay walkable, often downtown near Richmond Row.
- Parents of students at Western or Fanshawe who decide to buy rather than rent for four years.
- Investors looking for a lower-maintenance rental. They need to pay close attention to building rental rules and the City's licensing requirements.
Start with the basics
Where to look in London
London's condos are spread across the city rather than concentrated in a single core, and each area has a different character:
Is a condo a good buy in London right now?
That depends on the building more than the market. Condo prices across London move with the broader market, which you can follow in the London and St. Thomas Association of REALTORS' (LSTAR) monthly reports. But within any market, some buildings are well run, well funded and in demand, while others have deferred maintenance, rising fees and a looming special assessment. A lower price is not a bargain if it comes with a $20,000 bill for a new roof or garage membrane two years from now.
The good news is that Ontario law gives buyers a powerful tool to check this before they commit: the status certificate. Making your offer conditional on a lawyer's review of it is the most important protection a condo buyer has.
Buying a new condo from a developer? Different rules apply, including a 10-day cooling-off period and interim occupancy fees. Read buying a pre-construction condo.
A quick glossary
- Unit: the part you own outright, defined in the condo's declaration and plans.
- Common elements: everything else, such as hallways, lobby, roof, grounds and amenities, owned jointly by all owners.
- Exclusive-use common elements: areas only you can use but don't own outright, like a balcony or an assigned parking spot (in some buildings).
- Condo corporation: the legal entity that runs the building, governed by a board elected by owners.
- Declaration, by-laws and rules: the documents that set out what owners can and can't do. See rules, pets & rentals.
- Reserve fund: the corporation's savings for major repairs and replacements.
- Special assessment: an extra charge to owners when the corporation needs money it doesn't have.