[TORONTO AREA RESIDENTS ONLY PLEASE] What are condo/maintenance fees??

Question

Do they cover things like gas/electric, HVAC, cable, phone, etc.? Or is it strictly, the amenities like, the rec room, gym, parking, concierge, etc.? If I buy a condo, how much money should I expect to be paying in bills (excluding mortgage/rent)? And for what?

Answer 1

I have friends who own condos in Toronto. I think the maintenance fees cover anything that would be shared with other units like utilities, upgrading and maintenece to the outside building, pool etc.

For an average condo worth maybe $200,000 you'd probably be looking at about $400 a month. The problem is that these fees are decided by a condo board. Often before a condo is sold out the maintenance fees are under estimated to get sales and then they increase on you if the condo board votes on it. The good news is you can probably get yourself on the board if you want to have some say in the fees.

You should also be careful not to buy a very old condo. They often will need major upgrades that you could find yourself paying for. Try to find something that's around 5-15 years old so the fees are pretty steady and major repairs won't be needed.

Answer 2

It depends on the building some may have cable and the rec room, gym etc, that is what is mostly .  Prices vary as little as 250 a month to well over 1,000 depending on the services. Try going to website like www.delproperties.ca for the answer.

Answer 3

this depends whether or not you are thinking of a condo apt complex or a condo town house ...condo fees usually cover all common maintenance in common areas ,such as landscaping , pools ,building repairs , 1parking space , (if you want an extra space you usually have to pay extra) .Condo fees vary from site to site ,,you can always go to e-laws on the  Ontario government page to see the condominium laws .ASK BEFORE  you buy your unit ,,the management company that has the units or the board of directors should be able to give you more in site on the condo fees and what they are used for .A note ,,most condo places have rules and regulations ,,check those out to before you buy or rent in a condo complex ,,