What is a Status Certificate?

Is this the same as the disclosure that you get when you buy, with all the rules and what not? I just bought a place about a month or two ago, and don't recall hearing about any Status Certificate. *gulp*

On a side note, that photo of 22 Wellesley made me laugh; There's a tenant on the 2nd floor that has loaded his or her balcony up with plastic patio furniture and the building just looks hideous as a result.

As a Reserve Fund Planner, i would suggest that some of your points are slightly incorrect:
1) The Reserve Fund, as per the Condominium Act, is expressly for the purposes of replacing or significant refurbishing of big-ticket components only - we're talking $1,000s to $1,000,000s only - roof, significant number of full windows, etc.(if they're owned by the Corporation). Maintenance issues are intended to be taken from Operating Expenses (or an account with that purpose) only. So if you need to wash all the windows for many $1,000s on a big building or remove snow - that is Operating, separate. Also, the Reserve Fund is used for replacing or significantly refurbishing 'existing' items. If the Corporation wants a new landscape feature, like a fountain, where one did not exist before that is dealt with outside of the Reserve Fund.
2) A Reserve Fund is only a portion of the Corporation Budget (of course the portion varies with the development).
4) Special Assessments are typically for emergencies only when the Corporation has not saved up enough in their Reserve Fund and they have serious required big-ticket component work to do - above and beyond their regular Reserve Fund contribution (which is part of the maintenance fees supporting the Budget). Even though Special Assessments may be planned for some years in the future, it is unlikely that the current Owner will have to pay for any of them that occur in a year that is outside of the current fiscal (until that new fiscal comes up, of course). However, it is an excellent idea to be aware of possible upcoming Special Assessments as it could mean $1,000s to $10,000s on top of your maintenance fees as a lump sum with any given year. It is very unlikely that a new or nearly new condominium will require a Special Assessment at anytime soon (because the fund is fresh and the components are new - and often covered under warranty).

Special Note: When buying a very new condo, it is quite possible that a Reserve Fund hasn't been done yet. It typically occurs right before the first real budget where the Corporation has been formed, etc. My point is that the developer typically estimates the maintenance fees based on an Operating budget where the Reserve Fund is only 10%. This is very often way understating the amount that the Reserve Fund needs every year to keep the development in acceptable shape. The Condo Act actually sets the minimum at 10% - so the developer will always take that. My really, real point is that in many cases Owners should expect increases of their maintenance fees of $0 to over $50 per month from what they were originally told, because of this under-statement - and this has to happen within the first fiscal year, as per the Condo Act - on new and almost new condos only - remember (older condos have a few more years to spread out increases).

A reserve fund is crucial to maintaining your investment. Many older Corporations did not maintain an adequate reserve fund and they have faced substantial hardship with slow repairs due to money shortfall, huge Special Assessments on top of huge reserve fund increases (huge maintenance fee increases).

A Reserve Fund looks at least 30 years into the future so it is a good indicator of costs for replacement of anything big-ticket that could possibly be replaced. A big complicated building will of course have a vaster Reserve Fund than a small simple development, thus a wide range in maintenance fees.

Andrew, yeah it's a new building. Don't recall seeing the certificate, but I had the disclosure looked over by a lawyer.

The act will require condominium corporations with more than 10 units to have or complete a reserve fund study. This study will define the reserve fund required for that corporation, and help determine the budget for current and future maintenance or repairs to the buildings. As well, these corporations must submit annual financial statements to the director of condominiums at Service New Brunswick, ensuring that every condominium owner is kept appraised of its corporation’s financial status.