Condo Maintenance FeesCondo Maintenance Fees are a monthly fee you pay to the building when you own a condo; they go towards the operating costs of the building

Condo fees vary from building to building, however operating costs are virtually the same between buildings. There are three reasons why maintenance fees differ in cost

  1. Some condo buildings include some or all utilities while others have the individual owners pay the utilities directly.
  2. Each building pays for different amenities such as a 24hr security guard, valet parking, swimming pools ect. Usually, the more amenities a building offers, the higher the maintenance fees.
  3. Finally each corporation is required to set aside a portion of the condo fees for a reserve fund to pay for major repairs in the future. Some corporations may not charge sufficiently for their reserve fund which could cause problems down the road.

The best way to compare expenses between buildings is to add your condo maintenance fees plus utilities you pay direct to get an accurate comparison

Information on the status of the corporation including current condo maintenance fees is contained in a ‘Status Certificate’ for the corporation/building. You should always request a status certificate as a condition of making an offer on a resale condo property.