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RATEHUB.CA
Buzzer
reply 115 vote 4
 

Average monthly condo fees by province

Hey guys,

I know condo fees vary by building but I was really hoping the condo experts could help us out with an average monthly condo fee. We're building a monthly budget tool into our mortgage affordability calculator and we'll give home buyers the change to add their own value, but I would like to start with an estimate, and understand if it varies by home price, province, condo size.

If you had to give a number what would the average condo price be in:

1. Ontario
2. British Columbia
3. Alberta
7
Canada / New Home Q&A
 
 
 
ROY BHANDARI
BabbleBee
reply 492 vote 42
 
 
Ontario Market Value for maintenance fees around around 50 cents - creeping up slowly. That's for a standard condo with standard amenities, there is obviously higher and lower depending on the building (Ritz Carlton is almost 90 cents).
Assume average condo size is 600-700sq.ft - ballpark around $300-$350 per month? How do the others feel?
 
 
RATEHUB.CA
Buzzer
reply 115 vote 4
 
 
Thanks for getting the conversation rolling :) Averages are never easy to estimate, but it would be great to give consumers a sense of order of magnitude!
 
 
ROY BHANDARI
BabbleBee
reply 492 vote 42
 
 
It's difficult to predict - there are a number of variables:
a) Some buildings add additional fees for parking maintenance (Pantages is one off the top of my head that I think adds like $120/mth for parking) and locker maintenance
b) Luxury level, townhouses can be as low as $0.20/ft and condos can go as high as $0.90
c) Age - some older developments have been poorly maintained and fees have increased
I always look for around $0.50 but we are seeing some developments creep up there around the $0.60-$0.65 (resale market) for a "standard" level condominium - but that includes parking etc.
 
 
MATTHEW SLUTSKY
Senior Buzzer
reply 2200 vote 127
 
 
^^Excellent analysis by Roy for the GTA market, and I think I would add to the list:
- the type of heating / cooling system the building uses. Most new buildings have their own heatpump system, whereby you pay for your own useage, however some of the older buildings are centrally controlled and the cost is split between the units.
- the size of the building, and the types of amenities. Pools and concierges cost a lot of money, but in a large building this is spread out. In a smaller building with such amenities the cost can skyrocket.
- Also, do not forget that the hydro for the common elements is predicted at the time the building is first being sold, so by the time the building is built, the budget could be misaligned.
 
 
CONDO CHICKS
Buzzer
reply 48 vote 3
 
 
I agree with the maintenance fees being an average of about 0.50s/f. I would think the average square footage for condos are about 600s/f. Builders are definitely building smaller, but trying to get taller!
 
 
MANNY RIEBELING
Buzzer
reply 30
 
 
Hi just did the numbers on different buildings and the average for Downtown Vancouver was 0.40s/f.
 
 
AMAR PAL
Buzzer
reply 98 vote 7
 
 
Wow, Toronto sounds very high. Would agree with Manny's ballpark estimate for Vancouver; and Calgary is higher than Vancouver, likely more in the 0.45/ sq foot range.
Inner city areas in Calgary do also have a lot of older buildings that have much higher condo fees than the newer builds.
The new Drake development I'm selling in Calgary is at 0.36 / sq ft including heating, which is very low for the city.
 
 
 
 
 

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