This is a great question I get all the time! Whether you're leasing or buying a condo, the building itself is just as important as the unit. I just did a leasing deal and I did some of the points outlined below. Here's a breakdown of what to look for, split into practical categories:

🏢 Building Quality & Condition

• Age & Maintenance: How old is the building, and is it well-maintained? Newer isn't always better, but upkeep is crucial. Check out the amenities, the lobby, the washrooms downstairs, the walls and the floors, especially the hallway floors. Hallway floors see a lot of traffic so they must be maintained daily. Clean, updated spaces indicate good management.

• Construction Quality: Concrete vs. wood frame—concrete is quieter and more durable. Never live in a wood frame condo, especially in Ontario. Wood Frame does not last long and they are very noisy.

🛠️ HOA (Homeowners Association) or Condo fees/ Condo Board

• HOA Fees: What do they cover (e.g., water, trash, amenities)? Are they reasonable for the area? A good realtor will check out the age of the building and see of the condo fees make sense given the age of the building. A comparison with other buildings in the neighbourhood is vital. 

• Reserve Fund (only applies to buyers): Is the building saving for big repairs? A healthy reserve fund is essential. A reserve fund study must be done every three years to ensure there is enough funds to cover future expensive repairs. Any shortfall needs to be addressed when placing any offer. 

• Rules & Bylaws: Pet policy, rental restrictions, noise, etc.—make sure they align with your lifestyle.

• Special Assessments: Ask if any are upcoming—these are extra fees owners might have to pay for major repairs. This can be a redflag because it shows how the finances are being managed by the condo board. This is because this problem should have been addressed to ensure no assessments are needed. They can be expensive. 

🔧 Building Infrastructure

• Elevators & HVAC: Are they in good shape? Replacing these is expensive.

• Plumbing & Electrical: Older buildings might have outdated systems—potential risk for issues or costly upgrades.

• Soundproofing: How well can you hear neighbors or street noise? Some newer condos use acoustic underlay to lesson the noise. 

🧰 Amenities

• Gym, Pool, Rooftop, Parking, etc.: Check for features you’ll actually use. If you do not use these features, it is better to buy a condo without these amenities. 

• Security: Cameras, controlled access, concierge?

• Storage: Extra storage lockers, bike storage, etc.

🌇 Location & Surroundings

• Walkability: Proximity to transit, grocery stores, restaurants, parks. Is it easy to exit you condo on to a nearby road. Most condos on a busy street will be difficult for tenants/ residents to enter or exit their condo area. 

• Future Development: Will that empty lot next door be a skyscraper in two years? In a big city, you cannot avoid this. 

• Neighborhood Vibe: Visit at different times of day to feel out the atmosphere.

💰 Investment & Resale Potential

• Rental Rates: If you're leasing it out, what can you expect in rent? Are the rental rates going up or down? 

• Owner-to-Renter Ratio: Too many renters can affect financing and building upkeep.

• Market Trends: Is the area appreciating in value?

📋 For Buyers Specifically

• Inspection: Get the unit and the building systems inspected if possible.

• Title & Legal Review: Have a lawyer review condo docs, rules, and any lawsuits involving the HOA. A Status Certificate needs to be reviewed by the lawyer. See my article on Status Certificates for more information.  

• Financing Approval: Some lenders avoid buildings with high rental ratios or pending litigation.

Would you like a checklist version of this you can keep handy? Or are you looking at a specific building/unit and want help analyzing it?