When you are looking to buy a condo for the first time – or maybe for the first time in a while – it’s important to have the condo fees in Ottawa explained to you beforehand. This way, you can enter into the condo buying process with confidence and knowledge.
Here are some of the various condo fees that come with buying a condo in Ottawa, what they cover, and how they are determined:
What are Condo Fees?
Let’s start with the basics: When you purchase a condo, your purchase comes with monthly condo fees, also known as strata fees. These fees can range from approximately $100 to $1,000 (or more for luxury buildings) and cover a variety of expenses that are taken care of by a property management company – instead of you having to do them yourself. There is no HST on condos fees.
How Are They Determined?
Condo fees are controlled by the condo board and are determined by the age, size, amenities, and location of the building, as well as the yearly budget and the results of the reserve fund studies for the building. Older buildings tend to need more upkeep, therefore have higher condo fees; newer luxury condos tend to have extensive amenities like pools and gyms, as well as a desirable location, which also contributes to higher condo fees.
Tip: Want to see how much the condo fees are in your favourite building? Browse through our condo guides to see for yourself.
What Do They Cover?
While condo fees vary depending on the building, they typically cover the same 3 components:
Maintenance of Common Areas
This can range from the basics, such as:
- Building exterior
- Snow removal
- Lawn Care and landscaping
To more comprehensive coverage, including:
- Parking lot paving and maintenance
- Roofing
- Doors and windows
- Security
- Gym maintenance
- Pool maintenance
- And more…
Condo Utility Fees
Condo fees may also cover your utilities, such as natural gas, electricity, heating, and water.
Condo Reserve Fund Contribution
A portion of your monthly condo fees will also go into a reserve fund, which covers emergency costs and major repairs on common areas of the condo building or property. Look into your building’s latest reserve fund study (to be conducted every 3 years) to see how the reserve funds are being used.
Ready to start your search for the perfect condo? Want to know more about the costs of buying a condo in Ottawa? Call us at (613) 288-2455, email us here, or book a buyer’s appointment to take the first step.