Condo maintenance fees: How to know whether they’re too high — or not high enough
Condos are a popular choice for many first-time homebuyers owing to their lower price point and access to amenities such as gyms and pools.
But as well as a mortgage, condo owners are responsible for monthly maintenance fees that support operating costs for the building, among other aspects, and it’s important to factor that into your purchase and monthly budget.
Condo fees generally cover a lot of what homeowners would spend out of pocket, such as property insurance and general maintenance, said Karolina Armstrong, a real estate broker at Right At Home Realty in Toronto.
“It’s what keeps the building running for all the owners,” she said.
Other common items usually included in condo fees are garbage removal, elevator repairs, and security and cleaning staff. The fees also go toward the building’s reserve fund, which is money set aside for future repairs and larger maintenance projects, such as replacing windows and roofs.
