Typical rates for rental property managers and condo management companies. What's included and how to calculate your net yield.
Property management fees in Canada cover two distinct contexts: (1) residential rental property management for landlords, and (2) condo/strata building management for condo corporations. Fees and services differ significantly. This guide covers both, with a calculator to estimate impact on your rental income.
| Service Type | Typical Fee | Notes |
|---|---|---|
| Monthly management fee | 6–12% of monthly rent | Most common structure |
| Lease-up / tenant placement | 50–100% of first month's rent | Charged when new tenant placed |
| Lease renewal | $150–$400 flat fee | Some charge %; many include it |
| Maintenance coordination | 10% markup on invoices | PM takes cut of contractor work |
| Inspection fee | $75–$150/inspection | Move-in, move-out, annual |
| Eviction coordination | $500–$1,500+ | LTB/RTDRS coordination |
| Administration (statements) | Sometimes included | Monthly reports, year-end T4As |
For condo buildings (condo corporations and strata corporations), property management is typically charged as a flat monthly fee per unit:
| Building Size | Per Unit/Month | Typical Services Included |
|---|---|---|
| Small (<50 units) | $65–$110/unit | Admin, financial statements, meetings |
| Medium (50–200 units) | $50–$85/unit | Same + superintendent coordination |
| Large (200+ units) | $40–$70/unit | Full service, on-site staff management |
Major condo management companies in Canada include: FirstService Residential, Crossbridge Condominium Services (Ontario), Del Property Management, Tribe Management (BC), and BHL Property Management (Alberta).
Residential property managers in Ontario are not required to be licensed (unlike real estate agents), though many hold RECO registration. Condo building managers must be licensed under the CMRAO (Condominium Management Regulatory Authority of Ontario) since 2017. Fees typically run 6–10% for residential rentals.
Strata managers must be licensed by BC Financial Services Authority (BCFSA). Residential property managers need a real estate licence from BCFSA. Fees typically run 7–12% in Metro Vancouver due to higher rents and costs.
Property managers in Alberta must be licensed by RECA (Real Estate Council of Alberta) unless managing their own properties. Calgary and Edmonton PM fees typically run 6–10%.
A full-service property manager handles: tenant screening and placement, lease preparation, rent collection, maintenance coordination, regular inspections, financial reporting, and handling disputes and evictions. They typically don't handle: capital repairs over a set threshold (usually $500), major renovations, insurance claims, or tax preparation for your rental income.
For condo investors, there's an important distinction: your property manager (if you hire one) manages your unit and tenants, while the condo corporation's property management company manages the building. You deal with both.
On a $2,500/month rental unit, an 8% management fee costs $200/month ($2,400/year). Over 10 years, that's $24,000 in fees. For a single-unit investor who lives nearby and has time, self-management can make financial sense. But property managers bring: professional screening (reducing bad-tenant risk), legal compliance knowledge (RTA, RTDRS), maintenance relationships, and time savings. For out-of-province investors or those with multiple units, professional management is usually worth it.
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