What do my condo fees cover?
Your monthly condo fees pay your portion of the cost to maintain and repair the common property. These costs may cover:
removal of snow, garbage and recyclables;
landscaping;
cleaning (carpets in common areas and outside windows, for example);
heating and cooling systems maintenance;
amenities (such as a swimming pool or party room);
utilities;
cable and Internet;
insurance policies for the condominium’s common areas;
security systems maintenance and monitoring;
salaries of employees (if there is a superintendent or security guards, for instance); and
property management fees.
A portion of your condo fees will also likely go toward the building’s reserve fund. (Your province or territory may have another name for this, such as contingency fund or capital replacement reserve fund.) A reserve fund ensures that the condominium has enough money to pay for the major repair and replacement of the common elements over the life of the building. These may include the roof, roads, sewers, sidewalks, elevators, plumbing and other building systems.
To find out exactly what is — and is not — included in your monthly condo fees, check:
your disclosure statement (for new condominiums);
your estoppel or status certificate (for resale condominiums); and
the condominium’s operating budget.
You can also find out more about your fees by speaking with the vendor, property manager, board of directors or the developer prior to purchasing a unit. Ask for confirmation in writing.