Financing a condo differs from financing a house in several important ways. From status certificates to condo fee impacts, this guide covers everything you need to know about condo mortgages in 2026.
What Makes Condo Mortgages Different
Key Differences from Houses
Occupancy Phase Risks
- You pay "phantom rent" during occupancy
- Final closing price may adjust
- Must still qualify when closing arrives
- Rate environment may have changed
FAQ
Q: Do condo fees include everything?
A: Usually includes building insurance, water, some utilities, common area maintenance, and reserve fund contribution. Electricity and contents insurance are typically separate.
Q: Can I rent out my condo unit?
A: Depends on the condo corporation's rules. Some restrict rentals entirely; others limit percentage of rental units.
Q: What if the building has structural issues?
A: Many lenders won't finance buildings with known structural problems. Get the status certificate reviewed by a professional.
Q: Are condo mortgages more expensive?
A: Generally no—rates are the same. But qualification may be harder due to condo fees.
Q: Should I have a lawyer review the status certificate?
A: Strongly recommended. The cost ($200-$400) is worth avoiding problems.
What's Next
Ready to buy a condo? Get pre-approved with our team and we'll help you navigate condo-specific mortgage requirements.
Buying a Condo?
Get pre-approved and understand condo-specific mortgage requirements.
