Condo Fees - Jethro Seymour - Top Midtown Toronto (Davisville Village ,Leaside) Real Estate AgentJethro Seymour – Top Midtown Toronto (Davisville Village ,Leaside) Real Estate Agent
Your search results

Condo Fees

Posted by seymour on October 10, 2014
| 0

How Condominium Maintenance Fees Are Calculated

Maintenance fees are a fact of condo life, and understanding how they are calculated is a vital part of your due diligence when evaluating various ownership opportunities. The default method used to calculate condo maintenance fees in Toronto is a two-step process. First, the percentage of the building owned by a specific suite holder is determined. Then, each suite owner is assessed a monthly fee proportional to the overall cost of running the building. For example, if a specific suite occupies 1 percent of the entire building, that suite owner would be responsible for 1 percent of the overall monthly operational and property maintenance costs. These overall costs are established by the condo board and the building’s management group.

Several factors determine how much of the building a specific suite holder owns. The first factor is the gross square footage of the condo unit, which is measured to the furthest reaches of the walls as they extend to common building elements. In addition, the square footage of any storage lockers and parking spaces are factored in. These three area measurements are added up, then divided by the total square footage of the building, including all common elements, lockers and parking spaces, to arrive at a percentage. Also, management companies typically set condo maintenance fees at a per-square-foot rate; for example, a building with comprehensive amenities may be assessed at as much as $1 per square foot per month.

The actual per-square-foot rate depends on a number of factors. If a building has high-cost amenities, such as 24-hour concierge, valet parking, a swimming pool or landscaped grounds to maintain, the rate will rise. In essence, the more staff required to provide amenities, the higher the condo maintenance fees will be. However, expensive amenities may be offset by building features which reduce overall operational costs, particularly features which lead to significant energy conservation. Examples of energy-conserving building features include motion-activated hallway lighting, geothermal heating and heat recovery ventilators. If condo fees include HVAC operation, hot water and electricity, they will also be reduced if Energy Star-certified appliances and efficient indoor climate control systems are used in the building.

While condo fees are collected to provide for preventative maintenance and building maintenance, they do not cover any special assessments undertaken by the property management company or condo board. For example, if the management and unit holders determine that the interior hallways or exterior landscaping need to be updated or replaced, funds for the improvement project(s) are raised, from the unit owners. Any such special assessments will be proportionally levied, based on a suite holder’s percentage of building ownership. Before you purchase a condo you should know if there are any special assessments forth coming. your real estate agent and lawyer can help.


If you need any further advice as you’re shopping for a Toronto condo, contact Jethro Seymour, an experienced and proven real estate professional specializing in desirable midtown neighbourhoods.

* indicates required field

  • Testimonials

    184 BANFF ROAD DAVISVILLE VILLAGE from Jethro Seymour, one of the top midtown toronto real estate broker
    Happy Davisville Village Home Owners

    "We met Jethro while looking for our a Yonge & Eglinton Condo several years ago. His genuine, professional manner and savvy market knowledge left an impression on us.

    Recently, we needed to find a home that could accommodate our growing family. We knew Jethro was the agent for the Job. He listened to our needs, looked out for our best interests and delivered what we wanted!

    We were very impressed with the information he provided on homes, schools and the general area in the neighbourhood..."

    More Testimonials
  • Neighbourhood Information

    Summerhill Neighbourhood Real Estate

    Discover Summerhill properties and explore this charming midtown district With its distinguished homes and picturesque, tree-lined streets, Summerhill seems more ...
    Read More
  • Community Corner

    Seymour Contests: January 2017 Spa Giveaway

    Happy January, everyone! Last month’s lucky winner, Cathy Philips, won herself a $80 gift certificate to McSorley’s on Bayview. Congratulations! Thank ...
    Read More