Do or ask your Realtor to do the following:
Concrete building? Check for PTC - uber expensive condo fees hike once the board is in place and very high chance of pricey special assessments (cash calls) if the PTC weren't done properly 30 years ago, and most of them weren't.
Review all condo docs throughly - Plan, CADS, Bylaws, RFS, they obviously won't have meeting minutes, so scrutinize every detail into the background: who was the rental management company? who was the owner prior to conversion? Is the building already vacated? If not what's the timeline? Titled/Leased/Assigned Parking & Storage? Don't take their word for it, READ IT AND FIND OUT YOURSELF! What does the registered size include? You'd be surprised - If they say you're buying 800 sq. ft, it's NEVER what you think of the 800 sq.ft.
Comb through the purchase agreement for fine prints that state the developer/builder reserves all rights to jack up the price by completion date. Don't come crying to us on CP if you didn't read it and get suck into this one.
Remember you have 10 business days to review the 1000 pages they have stuffed into that little binder for you and if you don't like what you see you can get your deposit back just like new condos.
Do not for a minute think buying a condo (and a conversion at that) is about the same process as buying a house and you won't get burned. It's not a lifestyle for everyone.
Oh and expect about $290 for condo fees as soon as you move in and going up 4% per year after that
Any more questions PM me.