The condo fees for my apartment in my building (c. 1988) are somewhere between $400 and $500/month, but that includes all of my utilities.It’s important that a condominium corporation build up their reserve fund as early as possible because it prevents unexpected special assessments later.When I bought my condo 16 years ago, my lawyer commented that he had never seen a condo corp with as much in its reserve fund as mine.
I’m fortunate that my condo corp has been run by a bunch of economists and analysts who understand about long-term planning and the economy.Since I bought, there have only been 2 special assessments of about $200 each.Compare that to people I know in other buildings who have had special assessments in the tens of thousands — essentially, they can’t sell now because who will buy a condo knowing they will have to pay that much in the near future?
As someone else pointed out, avoid buying where the condo fees are artificially low.
Coming from Vancouver, I found condo fees in Ottawa quite pricey.But, they have to cover the cost of snow removal and building heat.Expect to pay from $500 up (for about 600 sq.
feet) depending on the amenities like BBQ deck, pool, concierge, etc.Don’t be fooled by brand new condos where the fees are set artificially low to enable people to qualify for mortgages.
I’m afraid I’ve never owned or lived in a condo.Having asked a few people who have/do, the range seems to be between $300.00 and $500.00 per month.At the very least that seems to cover property insurance, maintenance (including snow removal – yay!
), and some utilities.Much seems to depend on the amenities and location of the building, e.g., buildings located downtown, with pools, gardens, and terraces, and fabulous views are have higher condo fees than those without.
Average condo fee rate in a new building is around 50 cents per a square foot.This does vary based on the size of the building, wood vs concrete, and many other criteria.