Photo: credit to the owner

So here’s a continuation of my blog about condo fees. It is a monthly fee that every owner of the unit in a condo building is required to pay. You can say it is also a cost to have a hassle-free, amenities-filled lifestyle.

There is also an important cost that these condo fees cover and that is reserve fund. A portion of condo fees also goes towards creating and building a reserve fund. In Ontario, all condominiums are required to create a reserve fund. This fund comes handy when any major or unexpected repairs and upgrades are needed. If there is enough money in the reserve fund then the owners are not hit with additional fees to cover these extra costs.
 

How much is condo fees?

So how much is condo maintenance fees? For new condo apartments in the greater Toronto area, it can be from fifty cents to sixty-five cents per square foot depending on the type of building and builder. In addition to that, if you also purchase a parking spot and a locker, there is a flat maintenance fee for them. For parking spot, it can be anywhere from $50 to $85 per month and for locker $15 to $25 dollars per month.

Why do different buildings have different maintenance fees?

Older buildings will have higher maintenance fees due to aging, wear and tear and repairs. Boutique style condos have fewer units than a high-rise building. So, the fees can be higher as the total maintenance cost is shared by these few unit owners.

So, to recap, condo fees are shared expenses of running and maintaining a condo building and each owner in a condo building bears this cost.

For more information, contact me at (647) 834-9928 or send me an email to [email protected].