Condo Fees Calculator

What Do Condo Fees Cover in Canada?

Condo fees (also called maintenance fees or strata fees in British Columbia) fund the day-to-day operations and long-term upkeep of a condominium corporation. A typical fee covers building insurance for common areas, landscaping, snow removal, elevator servicing, hallway and lobby cleaning, shared utilities such as water and heating in some buildings, and contributions to the reserve fund. Buildings with amenities like pools, gyms, concierge services, or parking garages generally have higher fees because of the additional operating costs.

The reserve fund is a legally mandated savings pool used for major capital repairs—roof replacement, elevator modernization, garage waterproofing, and similar projects. Ontario’s Condominium Act requires a reserve fund study every three years. If the reserve fund is underfunded, the board may levy a special assessment, which is a one-time charge to all owners that can range from a few thousand to tens of thousands of dollars. Before purchasing a condo, always review the reserve fund study and the status certificate to assess financial health.

Typical Condo Fee Ranges by Unit Size

Condo fees typically increase 3%–5% per year, and older buildings tend to have higher fees due to greater maintenance needs. When budgeting for a condo purchase, remember that condo fees are not tax-deductible on a principal residence—but they are fully deductible as a rental expense if you rent out the unit. Always factor the full monthly carrying cost, including mortgage, property tax, condo fees, and utilities, when evaluating affordability.