The reserve fund study tells you whether the corporation has saved enough for a roof, siding or parking lot replacement over the next 10 to 20 years, or whether owners are facing a special assessment sooner. A condo fee that looks low today can jump sharply if the reserve fund is underfunded.
Your lawyer should also review the condominium bylaws for rental restrictions, pet rules and any pending legal action against the corporation, since a lawsuit involving the condo corporation can affect financing and resale value long after you take possession.
A condo fee is a monthly number, but the status certificate and reserve fund study are what tell you whether that number is about to change. Get your hand-reviewed valuation from Joel Dyck.