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ARTICLE · 21 FEBRUARY 2024

Status certificates: Providing adequate disclosure

Miller Thomson
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As consumer protection legislation, one of the key safeguards that Ontario's Condominium Act, 1998 (the "Act") provides to prospective purchasers is the ability to request a status certificate.

CanadaReal Estate and Construction
Justin McLarty
Justin McLarty
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As consumer protection legislation, one of the key safeguards that Ontario's Condominium Act, 1998 (the “Act”) provides to prospective purchasers is the ability to request a status certificate. A status certificate lays out the nuts and bolts of the inner workings of a corporation to a purchaser, giving them key information on the financial health and overall management of that particular condo.

Condo corporations need to prepare status certificates carefully, otherwise there is a risk of financial exposure when there are future plans to increase common expenses or levy a special assessment. This risk is illustrated by the decision in Bruce v. Waterloo North Condominium Corporation No. 26, 2023 ONSC 2995 (“Bruce”).

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