Toronto, Ontario
Illustrative Condex report based on real source-document analysis. Building identity has been anonymized — figures are drawn from an actual reviewed corporation.
Condex cross-references financial statements, reserve studies, status certificates, budgets, insurance documents, declarations, bylaws and other records to surface the information that matters most.
What Condex found
Condex reviewed the building across its financial, reserve-fund, insurance, governance and operating records.
The documents show a substantial reserve balance and no active special assessment, while also identifying a high leased-unit share, elevated insurance deductibles and an active legal proceeding requiring further review.
7 of 7 source categories on file
Condex does not rely on a single document. Information is cross-referenced across multiple records and years to provide context that is difficult to see from one status certificate alone.
How the building is funding its own future — and what its reserve study says is coming next.
Reserve studies can reveal planned funding changes years before they are obvious from today’s maintenance fee. These are increases to the reserve contribution, not a guarantee of the building’s total maintenance-fee increase.
A single year can hide the trend. Condex brings multiple years together so changes in spending, reserves and operating results can be seen in context.
| Fiscal year end | Revenue | Operating expenses | Result | Margin | Reserve closing |
|---|---|---|---|---|---|
| 2020 | $1,987,768 | $1,493,997 | +$493,771 surplus | 24.8% | $1,073,747 |
| 2022 | $2,285,809 | $2,311,253 | -$25,444 deficit | -1.1% | $1,674,291 |
| 2023 | $2,388,149 | $2,380,763 | +$7,386 surplus | 0.3% | $2,096,133 |
| 2025 | $2,472,714 | $2,725,340 | -$252,626 deficit | -10.2% | $1,997,745 |
Per-unit spending across major categories, tracked over time — so it's clear not just what the building spends, but where that spending is shifting.
| Category | 2020 | 2022 | 2023 | 2025 |
|---|---|---|---|---|
| Property management | $289/unit | $474/unit+64.0% | $472/unit-0.5% | $480/unit+1.7% |
| Insurance | $305/unit | $182/unit-40.4% | $190/unit+4.4% | $270/unit+42.1% |
| Utilities | $900/unit | $1,183/unit+31.4% | $1,390/unit+17.5% | $1,517/unit+9.1% |
| Repairs & maintenance | $296/unit | $716/unit+141.7% | $646/unit-9.8% | $805/unit+24.6% |
| Administration | $241/unit | $871/unit+261.1% | $873/unit+0.3% | $872/unit-0.2% |
Insurance terms can create material owner exposure that is easy to miss when reviewing documents individually.
The ownership and rental mix provides useful context when comparing buildings and understanding turnover, governance and building use.
What the corporation has disclosed about active proceedings, assessments and shared obligations.
Pulled directly from the declaration and bylaws, instead of buried across dozens of pages.
Confirmed directly against the declaration and rules — not just a leasing brochure.
Maintenance fees are easier to compare when you know what they actually include.
Declaration and bylaws indicate individually controlled heating/AC and metered utilities in some suites, so utilities may be separately metered rather than fully included in fees.
The flip side of what fees cover — what an owner is on the hook for directly.
Owners are responsible for improvements beyond the standard unit description, and the insurance deductible for owner-caused damage is charged back as a common expense.
Condex can compare disclosures across years, helping surface changes that would be invisible in a single document.
About this sample
This sample demonstrates the types of information Condex can extract, standardize and organize from condominium records. Available data varies by corporation and source documents.
Condex provides information and analytical context. It is not a substitute for legal, engineering, accounting, insurance or other professional advice.
