\u00a0–<\/span><\/p>\nCondo Maintenance Fees Explained<\/h2>\n
Buying any type of home in Toronto comes with many fees, from the initial down payment and closing costs to the mortgage payments and property taxes. However, there is another type of fee associated with buying a condo specifically: condo maintenance fees.\u00a0<\/p>\n
\u00a0–<\/span><\/p>\nCondo maintenance fees are shared costs paid by every owner of a unit in a condo building. These fees are paid to the condo association and go toward day-to-day maintenance and services, such as cleaning, repairs, and concierge or security. Every condo owner in Toronto is responsible for paying monthly condo maintenance fees as soon as they take ownership of the condo. Fees are typically charged on a square-foot basis. Therefore, the larger your condo unit is, the more expensive your fees will be.\u00a0<\/p>\n
\u00a0–<\/span><\/p>\nIf you are thinking about buying a condo, it\u2019s important to budget for condo maintenance fees. In addition, as you house hunt, we recommend asking about condo maintenance fees so that this can factor into your decision. These fees are not all charged at the same rate, and some can be significantly more expensive than others. If you\u2019re working with a REALTOR\u00ae, have them ask the seller to provide a monthly estimate of these fees.\u00a0<\/p>\n
\u00a0–<\/span><\/p>\nHow much are condo maintenance fees?<\/b><\/h3>\n
Condo maintenance fees vary widely. Generally speaking, as mentioned above, they are calculated according to the square footage of your condo unit. However, the cost per square foot will depend on several factors, such as the age of the condo building and its amenities. Depending on these factors, the fees per square foot could be as low as 30 cents or as high as $1, with the average hovering between 60 and 75 cents per square foot. Using this example, a 600-square-foot condo in Toronto might have monthly maintenance fees between $360 and $450.\u00a0<\/p>\n
[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” background_color=”#edf7f3″ da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” header_2_text_align=”center” header_2_text_color=”#38505b” header_2_font_size=”2.63rem” header_2_line_height=”3.75rem” max_width=”800px” module_alignment=”center” header_2_font_size_tablet=”32px” header_2_font_size_phone=”27px” header_2_font_size_last_edited=”on|phone” header_2_line_height_tablet=”3.75rem” header_2_line_height_phone=”32px” header_2_line_height_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n
\u201cCondo fees are not all charged at the same rate, and some can be significantly more expensive than others. If you\u2019re working with a REALTOR\u00ae, have them ask the seller to provide a monthly estimate of these fees.\u201d<\/h2>\n
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What do condo maintenance fees cover?<\/h2>\n
Condo maintenance fees are designed to cover a wide range of expenses relating to the general maintenance of the property. While we recommend asking for a complete breakdown of what the fees at your specific condo building cover, this monthly fee typically goes toward utilities (for example, water and garbage collection), property insurance, the maintenance of common areas (hallways, landscaping, fitness centre, sauna, pool), and the building\u2019s reserve fund. We provide a detailed breakdown of each below.<\/p>\n
\u00a0–<\/span><\/p>\nUtilities<\/b><\/h3>\n
The specific utilities covered by condo maintenance fees vary from building to building. However, most fees will cover water and garbage collection. Sometimes they will also cover heat, electricity, and even cable TV. As an example, if the cost of water was included with your condo maintenance fees, you would not have to pay a separate water bill. Instead, every time you ran the dishwasher or took a shower, this water usage would be covered by your monthly fees. (That said, don\u2019t take this as an opportunity to up your water usage, as a rise in overall utility usage can lead to higher condo fees.) Keep in mind that the more utilities covered, the more expensive your condo fees will likely be.\u00a0<\/p>\n
\u00a0–<\/span><\/p>\nProperty insurance<\/b><\/h3>\n
Your monthly condo maintenance fees may also cover the building\u2019s property insurance. Property insurance protects the building and each of its owners from third-party liability claims, such as slip-and-fall accidents, or property damage caused by perils like fires, windstorms, earthquakes, and more. Please note that since the property insurance is paid for through the condo association, it does not cover the personal property in your unit. Instead, it covers common areas of the building, such as hallways, elevators, lobby, landscaping, and more. Therefore, condo owners will still need to buy individual insurance policies to protect their specific units and their contents.\u00a0<\/p>\n
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Find the Right REALTOR\u00ae for You<\/h2>\n
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We’ll match you with a proven agent in your area.<\/p>\n
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Maintenance of common areas<\/b><\/h3>\n
Further, condo maintenance fees cover the maintenance of common areas. Common areas in buildings are those that all residents have access to, such as elevators, stairs, lobby, hallways, and on-site amenities like a gym, pool, sauna, games room, basketball court, or rooftop terrace. One of the main perks of condo living is that residents gain access to all types of amenities without having to handle the day-to-day maintenance. Instead, maintaining these shared spaces is paid for through monthly fees (usually the condo association will hire a property management company to take care of maintenance).<\/p>\n
\u00a0–<\/span><\/p>\nReserve fund<\/b><\/h3>\n
Lastly, condo maintenance fees typically cover contributions to the building reserve fund. The reserve fund is a pool of money the condo association sets aside for major expenses beyond regular upkeep. For example, the building might dip into the reserve fund to cover expensive repairs like roofing, structural updates, or common area redesigns. Please note that all Toronto condos are required to have a reserve fund, as per the Condominium Act.<\/p>\n
\u00a0–<\/span><\/p>\nThe Importance of Paying Condo Maintenance Fees<\/h2>\n
At this point, you might be thinking \u201cWhy would I bother to pay condo fees?\u201d or \u201cWouldn\u2019t it be easier to buy a house and avoid these fees?\u201d The reality is as follows: First off, if you want to buy a condo in Toronto or anywhere else in Canada, you will have to pay condo maintenance fees. These fees are mandatory and non-negotiable, so you really don\u2019t have a choice if you want to buy a condo. Second, condo maintenance fees largely cover expenses that owners of homes or other types of properties would typically have to pay on their own. Therefore, buying a single-family home rather than a condo likely wouldn\u2019t be any cheaper in the long run. You would have more freedom to choose exactly where your money is allocated, but you would probably end up spending even more on maintenance, especially if your home is larger than your condo would have been. For example, depending on the condo association, the fees cover maintenance and repairs (for example, windows and roofing), utilities (water and heat), and general upkeep (such as lawn mowing and snow removal). These are all costs that a homeowner would have to pay themselves even if they bought a different type of property.\u00a0<\/p>\n
\u00a0–<\/span><\/p>\nAt the end of the day, we understand that having this monthly expense on top of your mortgage payments can seem daunting. But paying a fee to not only gain access to top-notch amenities but to have the building handle all maintenance and upkeep is worthwhile for many condo owners.<\/p>\n
\u00a0–<\/span><\/p>\nHow to Save Money on Condo Maintenance Fees<\/h2>\n
Your monthly condo maintenance fees may also cover the building\u2019s property insurance. Property insurance protects the building and each of its owners from third-party liability claims, such as slip-and-fall accidents, or property damage caused by perils like fires, windstorms, earthquakes, and more. Please note that since the property insurance is paid for through the condo association, it does not cover the personal property in your unit. Instead, it covers common areas of the building, such as hallways, elevators, lobby, landscaping, and more. Therefore, condo owners will still need to buy individual insurance policies to protect their specific units and their contents.\u00a0<\/p>\n
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