In Toronto, inspection for condo is mainly focused on the individual Condo unit instead of the common elements such as amenities, elevators, and the major system (plumbing, electrical, heating, Air conditioning), etc.
In Ontario, a home inspector would go through an inspection checklist to check on the condition of condo units. The checklist includes items such as floor, doors, windows, plumbing and electrical system, building-in home appliances etc.
In a newer condo, the Tarion coverage may still be effective (1 year: free from defects; 2 year: water penetration and major system; 7 year: major structure defects). Please refer to Tarion Warranty for details.
Some condo buyers, particularly for the newer condo, would opt for the status certificate, which indicates the financial and legal health of the condo corporation.
However, if you are worried about the appliances, condo unit condition, possible modifications, unusual existence, and any potential risks, it makes more sense to hire a home inspector and draft a condition clause in the offer on a house.
The typical condo inspection takes 1~3 hours and requires the agent's presence.
In an old condo or a condo with an individual heating and cooling system, the cost of home inspection in Ontario with $300~$500 would put you in peace of mind. On average, condo inspection cost is a bit lower than the house inspection cost in Toronto.
In summary, condo home inspection depends on the condo situation and your tolerance of risk.