Hopefully in the first year of your living in a new condominium your budget will have an increase that is modest and not the reality that a 15 or 25% increase because the Reserve Fund has not been adequately proposed because the builders market them at the minimum 10% requirement.
You will need to have the Board of Directors to meet and present this to you, possibly in a town hall meeting, prior to the introduction of the first years maintenance fee increase.
Many buildings that do not increase the fees or are self managed chose not to increase the fees, and then find themselves many many years later with Special Assessments and having to catch up.
The estimated maintenence fees; GET READY for about 55 to 58 cents per square foot, realistically plus the property tax component that is not yet assessed. If you have a condo question chronicling your adventure buying a Toronto condo give me a call at 647 218 2414 or post a comment below. Thank you.
Etobicoke Real Estate Agent
Accredited Senior Agent for York Peel and Halton Regions