Average Condo Fees by City
| City | Average Monthly Fee | Per Sq Ft/Month | 600 sq ft Unit | 900 sq ft Unit |
|---|---|---|---|---|
| Toronto | $0.80–$1.00 | $0.80–$1.00 | $480–$600 | $720–$900 |
| Vancouver | $0.65–$0.90 | $0.65–$0.90 | $390–$540 | $585–$810 |
| Ottawa | $0.60–$0.85 | $0.60–$0.85 | $360–$510 | $540–$765 |
| Calgary | $0.50–$0.75 | $0.50–$0.75 | $300–$450 | $450–$675 |
| Edmonton | $0.45–$0.70 | $0.45–$0.70 | $270–$420 | $405–$630 |
| Montreal | $0.35–$0.60 | $0.35–$0.60 | $210–$360 | $315–$540 |
| Halifax | $0.45–$0.70 | $0.45–$0.70 | $270–$420 | $405–$630 |
What Condo Fees Cover
| Category | % of Total Fee | What’s Included |
|---|---|---|
| Reserve fund contribution | 15–30% | Savings for future major repairs |
| Building insurance | 10–15% | Common areas, structure, liability |
| Utilities (common) | 10–20% | Water, heating (sometimes), hallway lighting |
| Maintenance and repairs | 15–25% | Elevators, HVAC, plumbing, painting |
| Property management | 10–15% | Management company fees |
| Landscaping/snow removal | 5–10% | Grounds keeping |
| Amenities | 5–15% | Gym, pool, concierge, party room |
| Garbage/recycling | 2–5% | Collection and disposal |
Condo Fees by Building Type
| Building Type | Average Fee/Sq Ft | Why |
|---|---|---|
| Low-rise (4 stories, no elevator) | $0.40–$0.60 | No elevator costs, simpler systems |
| Mid-rise (5–12 stories) | $0.55–$0.80 | Elevator, more common areas |
| High-rise (13+ stories) | $0.70–$1.10 | Multiple elevators, concierge, complex systems |
| Luxury high-rise (concierge, pool, gym) | $0.90–$1.50+ | Premium amenities and staffing |
| Townhouse condo | $0.25–$0.50 | Minimal common areas, exterior maintenance |
How Fees Change Over Time
| Building Age | Average Fee Trend | Why |
|---|---|---|
| Years 1–3 | Low (developer subsidy common) | Subsidized to attract buyers, new systems |
| Years 3–5 | Increase 10–20% | Subsidy ends, actual costs emerge |
| Years 5–10 | Increase 3–5%/year | Normal inflation, minor repairs begin |
| Years 10–20 | Increase 5–8%/year | Major maintenance starts (roof, elevators) |
| Years 20–30 | Increase 5–10%/year | Significant capital repairs needed |
| Years 30+ | Potentially large increases | Building envelope, plumbing, electrical |
Example: $500/Month Fee Over Time
| Year | Monthly Fee | Annual Cost | Cumulative (10 yr) |
|---|---|---|---|
| Year 1 | $500 | $6,000 | $6,000 |
| Year 5 (5% annual increase) | $608 | $7,296 | $33,156 |
| Year 10 (5% annual increase) | $776 | $9,312 | $73,644 |
| Year 15 (5% annual increase) | $990 | $11,880 | $122,412 |
| Year 20 (5% annual increase) | $1,264 | $15,168 | $181,968 |
Over 20 years, you may pay $180,000+ in condo fees. This is a significant cost that affects your total cost of ownership.
Reserve Fund: The Most Important Number
What a Healthy Reserve Fund Looks Like
| Indicator | Good Sign | Red Flag |
|---|---|---|
| Reserve fund study | Updated within last 3 years | Older than 3 years or none |
| Funding level | 75–100%+ funded | Below 50% funded |
| Reserve fund balance | $3,000–$5,000+ per unit | Below $1,000 per unit |
| Annual contribution | 15–30% of total fees | Below 10% of total fees |
| Special assessments (last 5 years) | None or minimal | Multiple or large ($10K+) |
| Planned capital expenditures | Clearly listed with timeline | Vague or missing |
Common Major Expenses Covered by Reserve
| Expense | Typical Cost (per unit share) | Typical Timeline |
|---|---|---|
| Roof replacement | $3,000–$8,000 | Every 20–25 years |
| Elevator modernization | $5,000–$15,000 | Every 25–30 years |
| Building envelope (cladding) | $5,000–$20,000 | Every 25–35 years |
| Parking garage waterproofing | $3,000–$10,000 | Every 15–20 years |
| Boiler/HVAC replacement | $2,000–$5,000 | Every 15–25 years |
| Window replacement | $3,000–$10,000 | Every 25–35 years |
| Plumbing risers | $5,000–$15,000 | Every 30–40 years |
| Electrical panel upgrade | $2,000–$5,000 | Every 30–40 years |
Condo Fee Red Flags
| Red Flag | What It Means | Action |
|---|---|---|
| Fees significantly below comparable buildings | Reserve fund may be underfunded | Request reserve fund study |
| Fees increased 10%+ in a single year | Catch-up after underfunding or major issue | Ask why; review board minutes |
| Recent special assessment | Building had unexpected expenses | Assess if issue is resolved |
| Reserve fund below 50% funded | Special assessments likely | Consider carefully |
| No reserve fund study in 5+ years | Legal requirement not met (in some provinces) | Concern about management |
| High percentage of arrears (unpaid fees) | Financial instability | Count of units in arrears |
| Active litigation | Legal costs and uncertainty | Review status certificate |
| Developer still controlling the board | Less owner oversight | Common in new buildings |
How to Evaluate Condo Fees Before Buying
| Step | What to Review |
|---|---|
| 1 | Request the status certificate (Ontario) / information certificate (BC) / disclosure documents |
| 2 | Review the reserve fund study — is it adequately funded? |
| 3 | Check fee history (last 5 years) — how fast are fees increasing? |
| 4 | Review board meeting minutes (last 12 months) — any major issues? |
| 5 | Check for pending special assessments |
| 6 | Verify what’s included in fees (water? heating? parking?) |
| 7 | Check insurance certificate — adequate coverage? |
| 8 | Ask about arrears — how many units are behind on payments? |
| 9 | Have a lawyer review the status certificate |
Condo Fees vs House Maintenance Costs
| Expense | Condo Fee Covers | House Owner Pays (Annual) |
|---|---|---|
| Roof | ✅ (reserve fund) | $400–$800/year (save for replacement) |
| Exterior maintenance | ✅ | $500–$1,500 |
| Snow removal | ✅ | $500–$1,500 or DIY |
| Landscaping | ✅ | $500–$2,000 or DIY |
| Insurance (structure) | ✅ | $1,200–$2,000 |
| Water/sewer | ✅ (usually) | $600–$1,200 |
| HVAC maintenance | ✅ (common systems) | $200–$500 |
| Elevator | ✅ | N/A |
| Gym/pool | ✅ | $600–$1,200 (gym membership) |
| Annual equivalent | $5,000–$9,000 | $4,000–$10,000 |