MUST READ: Toronto City Council Waives Development Charges On Sixplexes

Condo Fees

Learn what condo fees are in Canadian real estate, how they're calculated, what they cover, and how they affect the cost of owning a condominium.

Condo Fees

May 22, 2025


What are Condo Fees?

Condo fees, also known as maintenance fees, are monthly payments made by condominium owners to their condominium corporation to cover the upkeep and operation of the building and shared amenities.

Why Condo Fees Matter in Real Estate

In Canadian real estate, condo fees are a significant and ongoing cost associated with owning a condominium. These fees fund the maintenance of common areas such as lobbies, hallways, elevators, fitness centres, and parking garages, as well as services like snow removal, landscaping, and security.

Condo fees also contribute to the building’s reserve fund—a savings account set aside for major future repairs like roof replacements or structural upgrades. The size of the fee depends on the building’s size, age, amenities, and location. Units with larger square footage or premium locations (e.g., corner units or penthouses) often pay higher fees.

Buyers should factor condo fees into their monthly housing budget, as they directly impact affordability and mortgage qualification. A well-managed condo corporation will provide a clear financial breakdown and a healthy reserve fund. Prospective buyers are advised to review the condominium’s status certificate to understand financial health, fee history, and any pending increases.

Understanding condo fees helps buyers compare buildings, assess long-term affordability, and anticipate shared ownership responsibilities.

Example of Condo Fees in Action

A condo owner in Vancouver pays $450/month in condo fees, which cover heating, building insurance, maintenance, and contributions to the reserve fund.

Key Takeaways

  • Monthly payments that cover shared building expenses.
  • Vary based on unit size, amenities, and building condition.
  • Include contributions to a long-term reserve fund.
  • Impact affordability and should be reviewed before purchase.
  • Documented in the condominium’s status certificate.

Related Terms

  • Reserve Fund
  • Condominium Corporation
  • Status Certificate
  • Property Management
  • HOA Fees

Additional Terms

Draw Schedule

A draw schedule is a payment plan used in construction financing that outlines when and how funds will be released to the builder or contractor as. more

Above Guideline Increase (AGI)

An AGI, or above guideline increase, is a rent increase above the standard annual guideline that landlords can apply for in specific circumstances.. more

Encumbrance

An encumbrance is a legal claim, liability, or restriction on a property’s title that may affect its use, transfer, or value.. more

Eminent Domain

Eminent domain is the government’s legal right to expropriate private property for public use, with fair compensation to the owner.. more

Development Charges (DCs)

Development charges (DCs) are fees imposed by municipalities on new developments to help fund infrastructure and services required due to growth.. more

Deed Restriction

A deed restriction is a condition written into a property’s deed that limits or prescribes how the property can be used, binding future owners until. more

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