Condo fee hikes
The majority of condo buyers in Canada’s urban centres aren’t aware condo fees can spike at any time.
- Would you be ready for a sudden condo fee hike? Thirty-eight per cent of respondents to a recent TD survey said they’re not confident they’d be able to handle the increased costs. What’s more, 68% of buyers in Toronto, Montreal, Calgary and Vancouver polled didn’t realize condo fees may increase at any time. “Keeping a pulse on the health of your condominium’s finances, such as its reserve fund, can help you to create a realistic annual budget that anticipates condo fee increases and special assessments,” says Farhaneh Haque, the bank’s director of mortgage advice.
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