Toronto Condo Fees
From Tridel
Also referred to as common area expenses. Condo fees are a monthly charge (your share) for the utilities, regular upkeep, management, administration and insurance for the common element areas. The fees vary according to condo project and unit size. Each condo owner’s portion of these expenses is set out in the budget statement, which lists the percentage for which each unit is responsible.
Below is a chart to use as a guideline to how condo fees could be allocated based on a 800 square foot condo:
Utilities: $128 (40%)
Shared Facilities / Recreation Centre: $45 (14%)
Administration / Property Mgmt.: $38 (12%)
Repair / Maintenance: $32 (10%)
Reserve Fund: $32 (10%)
Access Control / Security: $32 (10%)
Site Personnel: $13 (4%)
Total: $320 (100%)
But for many people, the maintenance costs involved with living in a Toronto condo are offset by expenses they used to have when they lived elsewhere. For example, you may no longer find it necessary to belong to an expensive health club or recreation club (not to mention the time and energy you spend getting there).
When you live in a condo in Toronto, you often have access to amenities that you may not have been able to afford on your own. For example, when was the last time you owned a home with a party-room for 200? Or a multi-media lounge with seating for 25? Or a recreation complex with virtual golf? All these amenities, and more, are available in many condos. And, like the rest of the building, the maintenance is looked after, leaving you free to fully enjoy your new home.
———————————————————————————
Contact the Jeffrey Team for more information
