All I know about condos are that condo fees are quite high. It’s like $800 / month for the ones I’ve seen in Toronto. A lot of people see that as reasonable but it feels like a lot to me.
Fees vary here in Vancouver Metro area. Some at $300, ours went up to $500. Part of the problem is your fees are supposed to build a contingency fund this cover prescribed maintenance, and emergency repairs, however you vote yearly to approve the budgets. Most owners don’t want higher fees so vote to keep the fee low. This means the operating budget suffers and preventative work may be delayed or skipped. This turns into higher emergency repairs, or higher cost as delayed projects deal with vendor inflation. So at some point fees sky rocket to catch up.
All I know about condos are that condo fees are quite high. It’s like $800 / month for the ones I’ve seen in Toronto. A lot of people see that as reasonable but it feels like a lot to me.
Fees vary here in Vancouver Metro area. Some at $300, ours went up to $500. Part of the problem is your fees are supposed to build a contingency fund this cover prescribed maintenance, and emergency repairs, however you vote yearly to approve the budgets. Most owners don’t want higher fees so vote to keep the fee low. This means the operating budget suffers and preventative work may be delayed or skipped. This turns into higher emergency repairs, or higher cost as delayed projects deal with vendor inflation. So at some point fees sky rocket to catch up.
The condo insurance premiums are going into the strata-sphere as well.