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Toronto Condo Fees

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.

David Pylyp

Etobicoke Real Estate Agent

Accredited Senior Agent for York Peel and Halton Regions

Lives in Toronto and promotes Giving Value

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Comment balloon 3 commentsDavid Pylyp • March 09 2012 05:46PM

Comments

David,

There is always that big jump in the first year and people should be ready for it.

Brian

Posted by Brian Madigan, LL.B., Broker (RE/MAX West Realty Inc., Brokerage (Toronto)) over 7 years ago

Here in Nova Scotia - It is often left til the 5 Yr reserve study, before you really know whats going on with a building.

I will warn people about this but some people love the new building feel. Unless the builder has a proven track record your  clints are taking a risk of having new assesments.

Condos Nova Scotia

Posted by Paul Viau, Nova Scotia Real Estate Blog + Photo Services (Nova Scotia Real Estate Blog) over 7 years ago

Paul   Thank you for your comment.   Wait five years would favour the developer!

 

Posted by David Pylyp (RE/MAX Realty Specialists Inc.,) over 7 years ago

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