Condo conundrums
The basics of maintenance fees, prices and upgrades.
By David Lasker
The details of buying a condo can be tricky. You're trying to have less stress and maintenance, and then you realize you don't know what the average maintenance fee is, or even what it covers. We've gone through it -- plus some upgrades that are sure to help your house sell.
Maintenance fees
Don't want to have to mow your lawn or repair your roof? That's part of the lure of condo living -- the services on offer that are covered by monthly maintenance, or common expense, fees.
These costs, which are determined by the board of directors of your condo, are based on the common expenses of the corporation and will vary, depending on any number of factors, including the type of condo you live in and the square footage of your unit. For example, in a small building like a low-rise with few services, the costs may be equal to or greater than a highrise since the costs are spread over fewer units.
Maintenance fees can include:
HIGHRISE
Insurance premiums, waste disposal, landscaping, hydro, gas; utilities for common areas such as elevators and corridors; in an upscale condo, concierge service, pool maintenance, security (homeowner responsible for unit; condo corporation responsible for everything outside unit).
TOWNHOUSE
Depending on what's written in the condo corporation's declaration, the owner may be responsible for repairs both inside and outside of the home; for example, repairing a fence or roof.
COMBINATION HIGHRISE BUILDING AND
TOWNHOUSE UNITS
Although a townhouse will have a larger square footage, the monthly common expenses may be lower.
Sources: Larry Ginsler, Goodman and Carr LLP; Gerry Hyman, Gerry Hyman Q.C.; Lori Tanel, DelZotto, Zorzi, Barristers & Solicitors; all Toronto
How much?
Like so much else in Canada, prices for condos* vary from province to province. Here's the scoop on six major cities.
Montreal $188,000
Toronto $227,228 (east), $245,873 (west)
Winnipeg $106,009
Edmonton $127,286
Calgary $149,745
Vancouver $137,150 (east), $208,060 (west)
Must-have upgrades
When it's time to sell, these are points that will attract prospective buyers.
A steam shower and Japanese soaking tub in the bathroom. -- Mitchell Freedland, Vancouver
Countertops in a solid, integrally coloured, scratch-resistant natural material like granite, limestone or marble, or man-made Corian. A light, bright look that's captured with the use of colour and strategic lighting, ranging from a chandelier to pot lights. -- Tara Wells, Richmond, B.C.
Stainless-steel kitchen appliances that are the right depth for the room for a built-in look. -- Paul Lavoie, Calgary
Hardwood floors, and kitchen cabinetry made of melamine, lacquered MDF, or wood (in order of increasing expense). -- UW: Design Group, Toronto
*Figures are for resale condos in the downtown area of each city. They include lofts, multi-bedroom units and townhouses sold from January to September 2002. Average information doesn't indicate actual prices in centres comprising widely divergent neighbourhoods. Sources: Real Estate Board of Greater Vancouver; Calgary Real Estate Board; Edmonton Real Estate Board; The Condo King, Winnipeg; Toronto Real Estate Board; Real Estate Board of Greater Montreal
The Schacter Team - Your Langley Real Estate Experts.