Condo owners pay a monthly fee to cover their portion of the operating expenses of the common property elements.
The calculation of condo fees is usually specified in the governing documents of the condo corporation. These fees are usually calculated from the annual operating cost of the entire condominium and divided by the percentage of your contribution to the common expenses (your unit factor) as outlined in the condominium governing documents and/or local legislation.
These fees may include: Continue reading on Condo Fees>>
Posted by: Deya Bautista - Real Estate Broker working as part of the McGill Immobilier team. Specializing in high end condos in downtown and Old Montreal. For buying or selling contact Deya at: 514.917.7889 
These are all good things to considere when purchasing a condo. Many people like the convience of a condo and ammenties and find this fee acceptable. It is a great alternative to owning a home and becoming very popular in the US as well.
in addition to the above:
Owners of a fraction of a divided co-ownership are liable for the common expenses of the co-ownership. This obligation is guaranteed by legal hypothec.
The co-owner must have defaulted for more than 30 days on payment of his common expenses or his contribution to the contigency fund.
The legal hypothec has effect only upon registration of a notice indicating the nature of the debt for the current financial year, as well as the amount xigible for the next two years.
Thanks Dimagios,
I will make sure to add those points to the article.
I bought my condo in 2007 and my condo fees were paid up to date.This year I am behind payment. I received a statement showing charges of interest and penalty with a letter of threat. Penalty of $100 a month? Are they allowed to do this?
Yes they are. Check you condo documents for further information, there it should be explained what happens when you are behind payments or when you dont pay at all.