Let’s talk about maintenance fees

Let’s talk about maintenance fees

When you’re buying a condo, the purchase price is just part of the equation. You also need to factor in maintenance fees. 

What are maintenance fees? 

They are monthly payments to your building’s condo corporation that help pay for everything from cleaning carpets to servicing the AC. Every unit owner shares in the cost of keeping the building running – just like you would if you owned a house, it’s just shared with everyone else who lives there. What you pay is based on the size of your condo.

Maintenance fees typically include:

  • Maintenance and repairs to common property (hallways, elevators, parking area, amenities)

  • Operating and service costs (like utilities, garbage and snow removal, window cleaning, etc.) 

  • Insurance

  • Management costs

  • Adding to the building’s reserve fund, which covers larger or unexpected expenses 

What should you expect to pay? 

Maintenance fees vary widely from building to building and often go up as the building ages and/or gets more expensive to maintain. In Toronto, monthly condo fees range from around $0.60 to $0.75 a square foot (though they can be lower or higher), so if you’re buying a 600-square-foot unit, you’re looking at $360 to $450 a month. Bigger units will cost you more — 1,000 square feet of living space will mean $600 to $750 (or more) every month. 

Read more: Should I buy a condo with high maintenance fees?

Find maintenance fee info on condos.ca 

Every listing on condos.ca provides maintenance fee info, right at the top. Want to know if fees for a specific building have gone up recently? Scroll down to the Values and Trends section of any listing for a clear breakdown of how they’ve changed over time, and how they compare to other buildings in the neighbourhood.

Graph detailing the historical average maintenance fees of the 1 bedroom, 1 bath unit located at 1008 - 1029 King St W

Sign up to access maintenance fee data on condos.ca

But wait. It doesn’t cost that much to keep carpets clean!  

No, it doesn’t. But that’s because those aren’t the only costs a condo building faces. Cleaning costs are low and predictable, but fixing an elevator or rebuilding a parking garage isn’t. Condo corporations plan for major/unexpected expenses by keeping a portion of maintenance fees in a reserve fund. 

Read more: 7 myths about maintenance fees

Your fees will probably go up every year – at least a bit. 

Condo maintenance fees typically increase each year, in line with inflation rates and property taxes. However, looking for a well-managed building is key to keeping those increases in check: if the condo board is experienced and proactive, they’ve thought to save for major repairs and emergencies. 

Ready to start your search for a property you’ll love? Sign up today for complete access to all condos.ca listings and data.

Join over 71,000 subscribers and get market news, insights & expert advice delivered straight to your inbox
Categories