Fact or Fiction - The Truth About Toronto Condo Maintenance Fees
Wednesday Mar 04th, 2015
TORONTO CONDO MAINTENANCE FEES: STATS, FACTS AND MYTHS
Maintenance Fees Revealed
Toronto condo maintenance fees have long been a mystery. For the first time, it has been revealed the true costs include breakouts for individual amenities like parking and lockers.
Fees are not an apples-to-apples comparison as amenities and services vary widely. But knowing the city-wide statistics give buyers and condo owners a benchmark to assess the suitability of fees in their building.
While it's true that most low-fee condos exclude heat, hydro and A/C, the belief that low fees means little or no amenities is not true. Most of the lowest fee-buildings in the city offer a good range of amenities including gyms and concierge.
It's no surprise that private residences at hotels top the list for condos with the highest maintenance fees, however luxury doesn't always mean expensive when it comes to maintenance. The Shangri-La, for example, has hotel amenities with maintenance fees of only $0.56 per square foot, below the average for the city.
Through a thorough audit of expenses, contractors and budget projections, the Toy Factory was able to reduce maintenance fees by 30% and those savings have held. Yet the Toy Factory fees weren't high to begin with. Just think, if there's room for improvement here, how much savings could be realized in buildings with maintenance fees well above the city average?
Ask the tough questions and push your condo board. Better yet, volunteer on your board and call in reinforcements.