Sunday, February 22, 2015

Condo Fees

Published on Feb 19, 2015
The Huffington Post Canada 
by Daniel Tencer

Condo Prices ‘Will Take A Serious Hit' If Maintenance Fees Unchecked

For many urban Canadians, the condo has become the only affordable housing option. But with condos come maintenance fees, and the people behind a new analysis say rising fees could threaten the value of many condo owners’ homes.

Average maintenance fees in Toronto, the country’s largest condo market, have been growing at 3.4 per cent per year over the last decade, well above the overall rate of inflation, meaning condo fees are eating an ever-larger portion of household income.

An average 1,000-square-foot condo in Toronto today comes with $590 in monthly maintenance fees, up from $440 in 2005, according to research from Condos.ca.

“We’re nearing a tipping point with maintenance fees,” said Condos.ca CEO Carl Langschmidt in an email. “Condo values will take a serious hit in a lot of buildings if maintenance fees aren't kept in check.”

Langschmidt says this “isn’t a case of don't buy a condo” — it’s a question of knowing which condo to buy.


For more information on maintenance (or condo) fees and which condos are the best value, contact us by email on the right side menu or call us at 416-322-8000. 

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