Condo FAQs

What exactly is a condominium?
A condominium is sometimes confused with a building type, when actually it is a type of ownership. In a condominium, individuals own the units, and all unit owners own the common areas. All of the owners are members of the condominium corporation, which is the entity created by the registration of the condominium plan. Ownership of a condominium means you own your specific unit, plus you havean  individual interest in the common property. You have ownership over all the space and improvements within the walls of your unit.

What are condo fees?
A condo fee is a sum collected from the unit owners to pay for the management of the common property and facilities outside the units, such as elevators, heating and electrical systems, recreation rooms, landscaped areas, insurance, and so on.

Each owner will pay a different condo fee based on their "unit factor," which represents their share of the common property as found on the condominium plan. This unit factor can be based on the unit's square footage or the initial market price of the unit in comparison to the rest of the complex.

What happens if a unit owner does not pay his or her common expenses?
If a unit owner fails to pay his or her common expenses, the condominium corporation is entitled to place a lien on the title to the unit in the amount of the arrears, together with all interest owing and all reasonable legal costs and reasonable expenses incurred by the corporation in connection with the collection or attempted collection of the unpaid amount.

Importantly, a lien for common expense arrears can be enforced in the same manner as a mortgage/charge of real property. This means that if a unit owner does not pay all amounts owing under the lien, the condominium corporation is entitled to sell the unit under the power of sale.

Who manages condominium complexes?
The owners of the condominium either hire a management company or the owners set up their own management group and manage the complex themselves.

What about property taxes?
A condominium is a piece of property, and condominium owners pay property taxes, which are calculated by using the unit factor.

What is a reserve fund?
It is a fund where money is set aside to use for repairs, maintenance, or improvements of the common areas. Usually, the contributions made to this fund are taken from a unit owner's portion of their condo fees. Condominium corporations usually plan for their future expenditures accordingly for their reserve fund.

What about having pets in condominiums?
Some condominiums allow pets with the permission of the condominium corporation. Condominium Bylaws for the complex will specify if pets are allowed or if they meet certain criteria, eg, dogs under 25 lbs are permitted, or cats only.

Does a condominium owner need insurance, or is it covered in the condo fees?
The condominium corporation must carry a master insurance policy on the buildings and common areas. This policy provides liability coverage for structural loss, such as due to fire, wind, water damage, and other causes. The corporation's insurance excludes the contents of each separate unit and any improvements owners make to the units. Therefore, the owner of each unit should carry their own insurance to cover the contents of their unit.

Can you rent out your condominium?
A unit owner's right to rent out a unit is granted under the Condominium Act , and neither the board nor the corporation can prevent this in their bylaws. There are requirements of an owner and rights of the corporation for rented units. An owner must inform the corporation of the intent to rent the unit, the name of the tenant, and the address for service of the owner when the tenant vacates.

A condominium corporation may require an owner to place a deposit against damage to the common property. Also, the condominium corporation may give one month’s notice to vacate the property if the tenant is contravening the bylaws.

 

Choosing the Right Neighbourhood

Whether buying or renting, you should be choosy about the neighbourhood you move into. And if you have a family, there are even more factors to consider. So before you move, research your options; get to know the area, spend some time on its streets, in its cafes and walk along its sidewalks. Just like any relationship, feel it out before you move just to make sure it's a good fit.

You can't judge a book by its cover, nor a neighbourhood by its looks. Ultimately, you want to buy a house that will still be in a desirable place to live 10 or 15 years from now. Depending on your own particular needs and tastes, some of the following factors may be more important considerations than others:

• Style of homes
• Quality of schools
• Property values
• Crime rate
• Future construction
• Proximity to: schools, employment, hospitals, shopping, public transportation, cultural activities,  highways, beaches, parks, recreation, and spiritual or community organizations (churches, temples, mosques, etc.)

If you’re a first-time buyer with limited financial resources, it’s a wise purchasing strategy to buy a home that meets your primary needs in the best neighbourhood that fits within your price range.

You can maximize your home purchase location by incorporating some of the following strategies into your neighbourhood search:

• Look for communities that are likely to become "hot neighbourhoods" in the coming years. They can often be discovered on the periphery of the most continuously desirable areas.
• Look for a home in a good neighbourhood that is a bit farther out of the city. If commuting is a concern, purchase a home that is close to public transportation.
• Look at the neighbourhood demand by asking whether multiple offers are being made, whether the gap between the list price and sale price is decreasing, and whether there is an active community involvement. You can also drive around neighbourhoods and see how many "sold" signs there are in a particular area.
• Look into purchasing a condominium or co-op, rather than a house, in a desirable neighbourhood. This way, you may still be able to purchase in a prime area that you otherwise could not afford.
• Consider the safety issues, such as traffic and how your kids are going to get to school. Paying attention to the local school system is valuable even if you don’t have children or plan to, because many potential buyers are concerned with that issue. A thriving school district can be an indication of an area that will continue to rise in property values.

Of course, being too close to the school or boxed in by traffic jams can hurt the resale value of your home. You should also check how local students score on standardized tests to help determine the quality of the education taught in the area.

There are a few more sources that can assist in learning about a neighbourhood:

• Go have dinner at one of the restaurants in the area. You can strike up conversations with some of the local patrons in that restaurant.
• Talk to local business owners. Even if they don't live in the area, they will have some insight about the neighbourhood and people living there.
• Find out about owner-occupancy. Your agent is a good source for this kind of information. Ask about rental values - even if you plan to live in the home. Often, tenants don't have the same pride of homeownership that owners do; thus, properties are not always kept up.
• Check landscaping at major commercial developments. Is it kept up?
  Visit local facilities such as malls, movie theatres, etc. Frequently, these will be hang-outs for school-aged children and a good place to get an idea about neighbourhood kids.
• Drive through the neighbourhood and see if there are a lot of home remodelling projects going on. If so, it likely means homeowners are planning to stick around and are willing to invest more in their homes because they like the neighbourhood.

Once you have identified your preferred neighbourhood, make several visits to it on different days and times, coming back in the evening, on weekends, and during school hours to see how the area changes. Observing the neighbourhood and the people who live and work in the area will give you a better understanding of whether it's a fit for you and your family. The more time you spend studying the location, the less likely you are to discover something you really dislike about the home after you have bought it.

10 Budget-friendly Bathroom Makeover Ideas

An average bathroom remodel costs around $10,000, while an upscale remodel can easily run over $20,000. However, if you do the work yourself and get creative, you can do a remodel for $1,000 to $3,000, or even less, depending on how much you want to change. Here are a few things you can do to give your bathroom a new look.

1. New faucets

Replacing an ugly bathroom faucet with a pretty one has become a relatively simple do-it-yourself task, with many faucets now sold in kits that include all the fittings and complete instructions. Make sure you have the right type for the number of hole openings in the sink.

2. Replace your countertop

Some companies will come in and reface your countertop with a ¼-inch veneer of granite, for the look of solid granite at a fraction of the cost. Alternatively, you can have a boring or worn laminate counter refaced with new laminate—there are ones on the market now that closely mimic stone, wood or other natural finishes, or go for something more fanciful to suit your tastes.

3. Update your mirror


Replace a boring plate-glass mirror with a framed version you can hang like art. Scoop up an ornate frame at an antique store (or pick out a nice one at a framer’s) and have the framer make it into a mirror for you. Attractive framed mirrors in every style, from Victorian to modern, can also be found at thrift stores, antique markets and home stores.

4. Extend the tiles

If your bathtub or shower is tiled inside the enclosure but stops at the edge, and if you can find matching tiles, have them extended the rest of the way around the bathroom. The advantage to doing this is more than aesthetic; it makes your bathroom much easier to clean, since you can wash the walls at the same time you do the floors.

5. Consider reglazing the bathtub

While the actual cost of a new tub might be only a few hundred dollars, changing the tub will cost you over $2500. You get soaked with labour costs for removing the old tub, along with the installation and plumbing for the new tub. If you decide to reglaze, costs can start as low as $300 for just the tub, while reglazing a tub and its surrounding wall begins at approximately $600. Once the tub is reglazed, it should look like new, retaining its glossy appearance for about 10 years.

6. Freshen caulk and grout

Another often overlooked yet important detail is grout and caulk. When this gets grimy, it gets unsightly. By simply cleaning the grout and adding straight, clean lines of caulk around the tub and sink, you can add sparkle for a mere few dollars. You might be surprised at what a difference this can make! Grout and caulk are both cheap, so this is a very inexpensive way to freshen up your bathroom.

7. Update the lights

Many bathrooms are cursed with a single light fixture directly above the mirror, which creates unflattering shadows. If you don’t want to have side sconces wired in, look for a fixture with two lights side by side, which will at least direct the light a little more to either side of your face.

8. Experiment with colour

It’s amazing what a beautiful bathroom wall colour will do to add interest to the plainest room, and a small room takes only a day or so to paint. Be careful choosing colour as some like blues and greens can be cold and unkind to skin tones, while too bright a colour may be overwhelming in a small room like a bath. At the very worst, if you choose a colour and don’t like the effect, it’s easy to paint over again.

9. Make your own shower curtain

Making your own shower curtain is an easy job, even if you’re not a sewer. Measure the shower opening and purchase a few yards of beautiful fabric from a fabric outlet store. Finish the edges with iron-on hemming tape and sew curtain rings along the top. Buy a plastic curtain liner from a bath shop, and hang.

10. Add simple accessories

Think scale with bath accessories, but don’t think you have to display only small things. One beautiful vase or piece of artwork can have a fabulous impact in a small space.

How to Save Money for Your First Home

When it comes to buying your first home, a big part of that decision should be based on what your current financial position is and the impact a home loan will have on your finances and lifestyle. For many first-time homebuyers, saving the required down payment can seem overwhelming. However, sometimes saving for a down payment is as simple as adjusting your budget.

Start with a goal
One of the best ways to save is to have a goal. It will keep you motivated and give you something to work towards. For example, you may choose to save a 10% deposit plus expenses (usually 5%) for your first home. But the more you can save, the better off you’ll be. Find out how much you need to put aside in order to reach your savings goal.

Create a budget
Write down how much money you bring home each month; write down the payment amounts for each of your monthly bills; subtract your expenses from your income to determine how much extra money you have each month.

Develop a culture of saving
Your priority should be developing a culture of saving. This not only helps you in budgeting and planning for the future, but also satisfies banks and other lending institutions that you have a clear commitment to save.

When you go shopping, ask yourself if you really need the item you are thinking of buying. If you don't need it, don't buy it. Put the money into your savings account instead. Remember that small amounts of money can add up to large sums over time.

Start an automatic saving plan
Make saving automatic by setting up an automatic savings plan at your bank to regularly move a specific amount of money directly from your chequing account to a savings account. You’ll be surprised at how much you can save and how quickly the “pay yourself first” approach adds up.
  
Borrow from your RRSPs
If you qualify as a first-time homebuyer, you may be eligible for the government's Home Buyers' Plan (HBP). This allows you and your spouse or partner to withdraw up to $25,000 each from your Registered Retirement Saving Plans (RRSPs) to add to your down payment or to cover purchase-related costs.

Best of all, you don't have to pay income tax on the funds, as long as you repay the total amount to your RRSP over the next 15 years. The repayment period starts the second year following the year you made your withdrawals. If the full $25,000 is withdrawn, the minimum annual repayment would be $1,666.

Take a holiday from tax
If you open a new Tax-Free Savings Account (TFSA), you won’t pay any tax on earnings, which will help you compound your savings. You can contribute up to $5,000 a year to a TFSA, and save for anything you like, tax-free.
 
Review your mortgage options
Once you make the decision to purchase a property, the next choice is the type of loan to suit your budget. The two most common types of loans are the variable interest rate loan and the fixed interest rate loan. 
 
You can now choose to pay back your mortgage over 25 or 30 years, instead of the traditional 20-year amortization period. This means you will pay more interest over the long term, but you can reduce monthly payments to get into your starter home. You can always change this later, once your income rises and you can pay your mortgage down faster.
 
Get into a starter house
Try to be as flexible as possible when choosing your first home. Unless you’re status-conscious, your first home doesn’t necessarily have to be your dream home. You could settle for a starter home, which you can afford with a small down payment and easy mortgage installments. There are plenty of lower-priced houses out there in need of repair, with some "Do-It-Yourself" projects where you can add more value to the house. Be careful not to buy a place where the cost of repairs will eat up any profits you might make when you sell.

In just a few years, you will build enough equity in your starter home to make it easier for you to sell and move into your dream home.

Buying your first home is an exciting process. After all, your home could be the largest asset you’ll ever own. Being able to finance most of its cost will take a load off your back in the future.

Waterloo Region Real Estate: January's Mixed Signals & What They Mean for Sellers

The Month That Proved Winter Can't Stop Real Estate

January 2026 presented a fascinating dichotomy in the Waterloo Region real estate market. While home sales experienced a significant monthly dip, several underlying indicators suggest we're entering a period of renewed market activity—and for sellers, that's genuinely encouraging news.

Let's break down what happened and why you should care.

The Numbers: A Tale of Two Trends

Sales declined 13.9% month-over-month, which at first glance might seem alarming. December is typically the strongest month before the winter slowdown, so this decrease is actually a normal seasonal pattern. More importantly, it doesn't tell the whole story.

The real headline? New listings surged 100.3%—they literally doubled from December to January.

That doubling is significant. And it happened despite January bringing some of the region's worst winter weather: multiple snowstorms, periods of extreme cold, and weather warnings that kept many people indoors. The fact that sellers still brought properties to market in such challenging conditions demonstrates something crucial: confidence in the market.

Price Growth: The Silver Lining

Here's where the optimism becomes concrete:

Kitchener-Waterloo:

• MLS® HPI increased 1.0% month-over-month

• Down 9.3% year-over-year (but stabilizing)

Cambridge:

• MLS® HPI increased 0.3% month-over-month

• Down 8.7% year-over-year (similarly stabilizing)

Monthly price growth, even modest growth, is a positive signal. It suggests that even as volume decreased seasonally, the properties that did sell maintained or improved their pricing. This is textbook market stabilization after a correction period.

Inventory: The Game Changer

Inventory levels increased 13.6% year-over-year, reaching a 2.5-month supply of all property types by the end of January.

What does 2.5 months of supply mean? It's balanced territory.

• Below 2 months: Seller's market (limited choice, higher prices)

• 2-3 months: Balanced market (fair pricing, good selection)

• Above 4 months: Buyer's market (more negotiating power)

At 2.5 months, the Waterloo Region is in the sweet spot where both buyers and sellers have reasonable negotiating position. For sellers, this means your property has genuine competition—but it also means there are active, motivated buyers looking to purchase.

What This Means for Sellers Right Now

If you're considering selling in the Waterloo Region, January's data points toward favorable conditions:

1. Buyer interest is present. Sales may have decreased seasonally, but the doubling of new listings means fresh inventory is attracting attention. Your property would be entering a market with engaged buyers.

2. Prices are stabilizing. The modest monthly gains in both Kitchener-Waterloo and Cambridge suggest we've passed the steeper correction phase. Year-over-year declines are moderating.

3. Inventory levels are healthy. A 2.5-month supply means your home won't languish on the market, but it also won't face artificial urgency pricing. You have room to price strategically.

4. Seller confidence is returning. The 100% surge in new listings despite brutal winter weather isn't luck—it's sellers recognizing that now is a reasonable time to list.

The Weather Story That Matters

As Cornerstone Association of REALTORS® CEO Bill Duce noted: "Despite the monthly decrease in sales volume, Waterloo Region is showing encouraging signs with modest monthly price growth in both Kitchener-Waterloo and Cambridge. The doubling of new listings from December to January demonstrates renewed seller confidence, especially considering January's challenging weather conditions."

This is the key takeaway: sellers overcame genuine obstacles (snowstorms, extreme cold, weather warnings) to bring properties to market because they believe in the opportunity. That belief is backed by data showing prices are stabilizing and buyers are active.

Looking Ahead

With inventory up, sales stabilizing, and prices showing monthly growth, the Waterloo Region market is entering what looks like a normalized, balanced period. For sellers, this is the window to list before spring competition intensifies. For buyers, there's finally adequate supply to shop thoughtfully.

If you've been sitting on the fence about selling—or helping a client understand why January is actually a strong listing window—the data supports action.

---

Have questions about the current Waterloo Region market? Let's talk about your specific situation.

Kim Louie, Real Estate Broker partnered with Coldwell Banker Peter Benninger Realty | Your Waterloo Region Real Estate Resource
📲 519.573.0837
📧 realtorkimlouie@kimlouie.net
💻 www.kimlouie.net

*** Not intended to solicit clients under contract. Content is for informational purposes and not guaranteed nor warrantied ***

Data sources: Cornerstone Association of REALTORS®, ITSO InfoSparks, February 3, 2026