By: Brit McDonald

How Do I Know How Much My Maintenance Fees Will Increase Every Year?

Tags: Toronto Real Estate, Sellers, Real Estate, Pricing, Toronto, Condo, Maintenance Fees, Condo Buyer, Buying, Selling

Every year you will receive a package from the condo corporation or property management outlining your expected monthly maintenance fee increase, along with where the funds are being allocated. It's important to review this package and attend the AGM (Annual General Meeting) to keep yourself informed about any updates to budget, rules/bylaws, lawsuits and any other changes that may be coming up in the near future. In established buildings an annual increase of 3-5% can be expected and with newer buildings up to 10% or more for the first few years is a normal amount. The reason why the maintenance fees increase at a higher rate in new buildings vs established buildings is to quickly build the reserve fund and set funds aside for things like: property management expenses, hydro, cleaning, salaries, garage and snow removal and landscaping. To really be sure that your maintenance fees are increasing at a normal rate speak with your property manager, the auditor your board hires, or consult with your own lawyer.