Monthly condo fees are paid above and beyond your purchase price, and are unique to the condo buying market. Simply put, condo fees cover the services and utilities of the condo building on a macro level, not just your unit. The amount can vary between condo corporations, as there is no standard rate in the Canadian condo industry. But generally, maintenance fees are calculated per square foot of the condo space, so the monthly costs depend on the size of the unit. Costs can also vary based on what utilities and amenities are available to residents. For example, a condo that only has a weight room should have lower maintenance fees than a condo that includes a gym, swimming pool, sauna, barbecue area, screening room, party room and meeting rooms. These amenities all require maintenance and staff to run them.
Most developments’ condo fees also cover utilities such as water and waste services. Some buildings even include heat, electricity, cable and Wi-Fi. A few other things that are covered that you may not have considered are the exterior building maintenance, landscaping, snow removal, and all common elements shared by residents.
What do monthly condo fees cover? Here’s a breakdown of common ways your maintenance fees are invested: