Condo fee hikes

The majority of condo buyers in Canada’s urban centres aren’t aware condo fees can spike at any time.

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by Stefania Di Verdi
November 30th, 2012

Online only.

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  • 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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3 comments on “Condo fee hikes

  1. I pass this tidbit of info onto ALL my condo buyers. Most folks are OK with a slight increase (5%) but really dislike it when they go up 20% because of poor prior planning on behalf of previous condo boards. Special assessments are never good as they usually are for bring up the reserve fund OR something has gone really bad with the condo structure itself. Yes, condos are a different kettle of fish from single family homes.

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  2. Living in a small-town townhouse complex we have condo fees, but they're quite reasonable so we'd be fine even if for some reason they jumped, which it doesn't appear will happen anytime soon.

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  3. Pay now or pay later. It is up to the condo owners to be diligent with thePresident of the board and the MANAGEMENT COMPANY that is running your Condo. Talk about "insider trading". It is strange that a Good condo Manager was let go because she would not confine getting quotes to the list that the Management Company insisted were the "selected suppliers". The biggest problem is too much money in the hands of well meaning but perhaps naiive amatuers.

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