Condo Fees Canada — What to Expect

Condo fees are a major ongoing cost of condo ownership. Average $500–$800/month in Toronto and Vancouver. Here's exactly what you're paying for and how to evaluate any building.

What Are Condo Fees?

Condo fees (also called maintenance fees or strata fees in BC) are monthly payments made by every unit owner to the condominium corporation. The corporation uses these funds to operate the building, maintain common areas, and build a reserve fund for future capital repairs. Fees are mandatory — they are set by the board of directors and adjusted annually based on the budget. Non-payment can result in liens against your unit.

What Condo Fees Cover

• Building insurance (the master policy covering structure and common areas)
• Property management company fees
• Utilities for common areas (electricity, water, heating in some buildings)
• Cleaning and janitorial services
• Landscaping and snow removal
• Concierge or security staff (in buildings with these services)
• Elevator maintenance contracts
• Reserve fund contributions (for future major repairs)
• Amenity costs (pool chemicals, gym equipment, party room maintenance)

In some older buildings, condo fees also include heat and/or hydro (water) — these "all-inclusive" fee buildings have higher condo fees but lower personal utility costs.

Average Condo Fees by City (2025)

City	Average Fee per Sq Ft/Month	Typical 750 sq ft Unit
Toronto (older building)	$0.70–$0.90	$525–$675/month
Toronto (newer building)	$0.55–$0.75	$413–$563/month
Vancouver	$0.55–$0.80	$413–$600/month
Calgary	$0.40–$0.60	$300–$450/month
Ottawa	$0.45–$0.65	$338–$488/month
Montreal	$0.35–$0.55	$263–$413/month

The Reserve Fund — Critical to Understand

A portion of every condo fee goes into the reserve fund — a savings account for major capital repairs that every building will eventually need: new elevators, roof replacement, parking garage waterproofing, window replacements, lobby renovations. A reserve fund study conducted by a professional engineer determines how much money the fund should have and how fast it needs to grow to cover projected repairs.

Before buying any condo, review the reserve fund study in the Status Certificate. A fund that is below 70% of the recommended amount is a red flag — it means fees will likely increase sharply or a special assessment is coming. A well-funded reserve (above 90%) indicates a well-managed building.

Special Assessments — The Hidden Risk

When the reserve fund is insufficient to cover an unexpected or larger-than-anticipated repair, the board can levy a special assessment — a one-time charge to all unit owners. Special assessments are not predictable, not budgeted for, and can range from a few thousand dollars to $50,000+ per unit for major work like underground parking repairs or building envelope restoration. Your condo insurance policy should cover the building's master policy deductible, but special assessments themselves are not typically insured. This is the biggest financial risk of condo ownership that first-time buyers underestimate.

How to Evaluate Condo Fees Before Buying

• Request the Status Certificate — it includes the current budget, reserve fund balance, pending litigation, and any known special assessments
• Compare the fee per square foot to similar buildings in the area
• Review the reserve fund study and calculate funded percentage
• Check meeting minutes for the past 2–3 years for recurring issues or disputes
• Ask your lawyer to review the Status Certificate before waiving your condition
• Ask the listing agent what the fee history has been — how much has it increased over the past 5 years?

Condo Fee Increases Over Time

Expect condo fees to increase over time as buildings age. Annual increases of 3%–5% are common in well-managed buildings. Some buildings with deferred maintenance or underfunded reserves have experienced sudden fee increases of 20%–40% or more in a single year. When stress-testing your affordability, assume your condo fees will increase at least 3% per year and model what that looks like over 5–10 years of ownership.