Those damn condo maintenance fees!!

Posted By on May 6, 2014 | 0 comments

condo feesSometimes when I meet new clients they tell me that they would never consider purchasing a condo because they hate the idea of paying a maintenance fee…but is it really that bad?

On average maintenance fees for newer condos are between $0.50 and $0.60 per square foot, if you see a new condo project in Toronto advertising anything lower than that, beware that it could be just a marketing technique  to attract more homebuyers.  Unfortunately when the first condominium board takes over from the builder they soon realize that they need more money and the maintenance fees are raised accordingly :(

With older condo buildings, you can expect to pay up to $0.80 per square foot.  Older buildings require more ongoing  maintenance and repairs and it will cost you more on monthly basis, however you can also expect to purchase your unit for a lower price than a new building.

If you owned or purchased a house you would also have to do some repairs and maintenance on a regular basis, the only difference is that you are not paying monthly for the maintenance.

I would say that approximately half of your condo maintenance fee goes towards actual maintenance and repairs and the other half is what you pay for the luxury of having a gym, a pool, a concierge, etc.

If you don’t care about those luxuries then you could consider buying a condo townhouse, your maintenance fee could be as low as $0.20 per square foot.