Buying a condo in London, Ontario

Condos are often the most affordable way into London's housing market, and the easiest to get wrong. Two units with the same price and floor plan can be very different purchases once you look at the building's finances, its rules and its fee history. This site explains what to check, in plain English.

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The 5 things that matter most

The status certificate, reviewed by a lawyer
The health of the reserve fund
What the monthly fee covers, and its history
The building's rules on pets, rentals and renovations
Recent sales of comparable units in the same building

Who buys condos in London?

London's condo market serves a wide mix of people, and knowing which group you're in shapes which buildings make sense:

First-time buyers who want to stop renting and build equity, often in apartment-style condos or condo townhouses.
Downsizers leaving a family home for something with no lawn, no snow shovelling and a single floor. They often favour north-end and riverside buildings, or adult-oriented townhouse communities.
People moving from Toronto who are used to condo living and want to stay walkable, often downtown near Richmond Row.
Parents of students at Western or Fanshawe who decide to buy rather than rent for four years.
Investors looking for a lower-maintenance rental. They need to pay close attention to building rental rules and the City's licensing requirements.

Start with the basics

Condo vs townhouse vs freeholdWhat you actually own, and the difference between condo townhouses, freehold towns and POTLs. Condo fees explainedWhat's included, why fees rise, and how to compare buildings fairly. The status certificateThe single most important condo document, and the red flags to look for. Reserve fundsHow to tell whether a building is saving enough to avoid special assessments. Rules, pets & rentalsDeclarations, by-laws and rules, and what they can stop you doing. Insurance & mortgagesHow lenders treat condo fees, and what your own unit policy needs to cover.

Where to look in London

London's condos are spread across the city rather than concentrated in a single core, and each area has a different character:

DowntownHigh-rise living near Richmond Row, Victoria Park and the river. The most walkable option. North LondonMasonville, Richmond Street North and the northwest. Close to Western, University Hospital and shopping. South & WestByron, Westmount, Wonderland and the south end. Townhouses, mid-rises and quick 401/402 access.

Is a condo a good buy in London right now?

That depends on the building more than the market. Condo prices across London move with the broader market, which you can follow in the London and St. Thomas Association of REALTORS' (LSTAR) monthly reports. But within any market, some buildings are well run, well funded and in demand, while others have deferred maintenance, rising fees and a looming special assessment. A lower price is not a bargain if it comes with a $20,000 bill for a new roof or garage membrane two years from now.

The good news is that Ontario law gives buyers a powerful tool to check this before they commit: the status certificate. Making your offer conditional on a lawyer's review of it is the most important protection a condo buyer has.

Buying a new condo from a developer? Different rules apply, including a 10-day cooling-off period and interim occupancy fees. Read buying a pre-construction condo.

A quick glossary

Unit: the part you own outright, defined in the condo's declaration and plans.
Common elements: everything else, such as hallways, lobby, roof, grounds and amenities, owned jointly by all owners.
Exclusive-use common elements: areas only you can use but don't own outright, like a balcony or an assigned parking spot (in some buildings).
Condo corporation: the legal entity that runs the building, governed by a board elected by owners.
Declaration, by-laws and rules: the documents that set out what owners can and can't do. See rules, pets & rentals.
Reserve fund: the corporation's savings for major repairs and replacements.
Special assessment: an extra charge to owners when the corporation needs money it doesn't have.

Last reviewed October 30, 2026