The upkeep and essential operation of your building's common areas are included in your condo fees. This includes cleaning indoor and outdoor common spaces, trash removal, snow removal, and repairs to common features.

Reserve Fund

Every month, a portion of your condo fees are contributed to the building's reserve fund. The reserve fund is a mandatory fund that all buildings must have, as per the Condominium Act. The fund acts as emergency savings for the construction and covers expensive replacements and unexpected repairs as needed.

Utilities

This varies by building. In older structures, central heating is frequently utilized; as a result, the entire cost is spread evenly across all units based on size. In newer constructions, each apartment may have a heat-pump system, in which the tenant pays for usage.

Items that can affect your Condo Fees:

Building Age

Older structures tend to have higher costs since things are more likely to break down and need to be fixed or replaced. On the other hand, pre-construction condos tend to have a low fee initially. This is the time to contact a home inspector if you're unsure of how old or structurally sound your structure is.

One thing to be cautious about is buildings with extremely low costs. This is because buildings with a low fee might not be investing in maintenance. As a result, you could be stuck with a damaged building and have difficulty selling your unit. Additionally, there could be a rapid increase in maintenance fees to solve unrepaired damages.

Amenities in Building

Some residences only have a foyer, while others have everything you could ask for. Of course, residents must pay extra for the additional bells and whistles to cover maintenance costs.

Swimming pools, party rooms, valet parking, theatres, and yoga studios are among the many luxuries available at various condominiums in Canada. Buildings with these facilities charge larger condominium fees due to the expense of upkeep and administration. It's best to avoid these buildings if you don't plan on using all the amenities. This is because you will be paying more for features that you don't use.

Owners may also choose to include add-on fees such as a parking spot or storage locker unit. In general, a parking spot costs an additional $50 per month, while storage units are around $15 per month.

Size of Building

Condo fees tend to decrease in larger buildings. While this is not always the case, larger structures tend to have lower monthly costs because the overall expenses are spread across many units.