What’s included in your Condo fees?

Condo owners pay a monthly fee to cover their portion of the operating expenses of the common property elements. A portion of this fee is assigned to the reserve fund.

The calculation of condo fees varies by province but 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:

• Day-to-day care and upkeep of the common property elements (e.g. snow removal, landscaping, cleaning of common elements including carpets and exterior windows, heating/cooling system maintenance)
• Contributions to the reserve fund, which is used to pay for major repairs to, and replacement of, common building systems to ensure the condominium is kept in good repair over the life of the building

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