What you actually own
When you buy a condo, you own your unit plus a share of the common property, like the hallways, roof, parking and grounds. A board elected by the owners runs the condo corporation, and the bylaws set the rules.
Your condo fees pay for upkeep of the common property, the building's insurance and savings for future repairs. In Alberta, your share is based on your unit factor, which is set out in the condo plan.
Read the documents before you firm up
Make your offer conditional on reviewing the condo documents. For a resale unit, the corporation has to provide them within 10 days of a written request. Ask for:
- the bylaws and any rules
- the budget and financial statements
- the reserve fund study and plan
- minutes from recent board meetings and the annual general meeting
- the insurance certificate, including the deductibles
- an estoppel certificate, which shows whether the unit's fees are paid up and if any special assessments are owing
The reserve fund
The reserve fund is savings for big repairs, like a new roof, windows or an elevator. In Alberta, a reserve fund study has to be done every five years, with a plan for how much to save. If the fund falls short, owners can face a special assessment, which is a one-time bill.
Red flags
- The reserve fund is well below what the study says it should be.
- A special assessment is planned, or there was a big one recently.
- The minutes mention repeated leaks, insurance claims or lawsuits.
- Fees have jumped sharply, or the budget doesn't balance.
- Very high insurance deductibles.
- Bylaws on pets, rentals or renovations that don't fit how you live.
Buying new from a developer
If you buy a new unit from a developer, you can cancel within 10 days of signing. If the developer hasn't given you all the required documents, you have 10 days from when you get them. New condos also come with home warranty coverage. See my new builds page.
Insurance
The building's policy covers the common property. You'll still need condo unit owner insurance for your belongings, any upgrades to your unit, liability, and your share of the building's deductible if a claim starts in your unit.
Your real monthly cost
Add up the mortgage, condo fees, property tax, insurance and utilities. Lenders count part of your condo fees when they work out how much you can borrow. My mortgage calculator includes condo fees in the monthly total.
Rules as of October 2026. Your lawyer can review the documents with you.