Maintenance fees have long been a topic of hot debate amongst condo owners and industry professionals. For the first time, we’re able to reveal the true costs and trends thanks to a new database we’ve created, further growing our unique condos.ca information resources.
Through this maintenance fee study of Toronto condos, with data analyzed from the past 10 years, we’ve discovered a number of surprising truths about the real costs behind those monthly maintenance payments. Susan Pigg, Business Reporter for the Toronto Star, covers this hot topic online today and in tomorrow’s print addition.
For the First Time, we Reveal the Truth & Myths Behind Toronto Condo Maintenance Fees
The above trends are just the starting point of what we’re able to glean from this rich database. We’ll continue to analyze and report on our findings in the coming weeks and months.
If you’re thinking about buying a Toronto condo or you’re a current condo owner who’s concerned about fees, you can view maintenance fee trends for most Toronto condo buildings on our website by signing up for free and becoming a condos.ca Insider.
For every condo building in Toronto, we collected all MLS sales for the past 10 years including the reported maintenance fees. Our Team then combined this data with our own condos.ca database, which contains the exact unit sizes for every Toronto condo along with each building’s amenities, to get a combined picture of sales prices, maintenance fees, square footage sizes and inclusion of parking and/or locker for every condo unit sold in the last decade.
We grouped this info by the year each sale occurred and analyzed the sales using several different algorithms and mathematical techniques (such as Gaussian Elimination for solving systems of linear equations, as well as clustering algorithms to eliminate outliers) to calculate the maintenance fees per square foot for each building, as well as computing the average additional fees per amenity.
The result is that we now have detailed maintenance fee information for over 660 Buildings in Toronto and nearly 900 throughout the GTA, with more on the way. This lets us showcase what the average maintenance fees are for each building and each neighbourhood so that buyers and sellers can see how their building fees compare to the average and to individual, comparable buildings.
Condos.ca has worked diligently to ensure the accuracy of this information and our calculations including the removal of any small samples and data anomalies that could skew results. However, we cannot guarantee the information with 100% certainty due to factors including but not limited to potential incorrect information entered by listing brokerages or agents on MLS. This information and the views and opinions expressed here are intended for educational purposes only. Condos.ca accepts no liability for the content of this study.