Joel DyckReal Broker SK Ltd.
Saskatoon · From the topic map

Do I have to go through a board interview for a condo?

No. A Saskatoon condo purchase does not include an interview with the building's board, a feature of the co-operative and shared ownership model in some other markets, not of a Saskatchewan condo corporation. Information Services Corporation registers the condo plan, and the corporation's own role here is administrative, not a screening one.

What replaces the interview is document review. A buyer's lawyer reads the condo corporation's bylaws, the reserve fund study and recent meeting minutes before conditions are removed, checking for rental restrictions, pending special assessments or a reserve fund running low, typically as part of a review costing $800 to $1,500.

Financing is the other real gatekeeper. A lender or mortgage insurer such as CMHC looks at the building's reserve fund health and the proportion of units that are rented out before approving a mortgage on a specific unit, and a building that fails that review can be harder to finance regardless of the buyer's own credit.

So the scrutiny is real, it is just aimed at the building's paperwork rather than at the buyer's personality. Get your hand-reviewed valuation from Joel Dyck.

Get your hand-reviewed valuation from Joel Dyck.

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