ABOUT YOUR CONDO FEES
Condominium maintenance fees represent each owner’s share of the common expenses of the condominium corporation. The Condominium Act defines common expenses as “the expenses related to the performance of the objects and duties of a corporation and all expenses specified as common expenses in this Act, or in a declaration.” The condo board prepares the budget (as above) for each fiscal year of the corporation. The budget sets out the amount of the estimated common expenses. Each owner’s monthly contribution is determined by multiplying that amount by the owner’s common expense percentage (based on your unit size in relation to the total square footage) as indicated in a schedule to the declaration and then dividing by 12 (months).
For most people, condo fees are an enigma. Some people believe they are used for expenses that are not applicable to them. Therefore, in the document below, we've outlined all of the expenses how much each owner pays per year and per month for each of the categories.
Click here to view the entire file: Condo Fees - Per Owner, Per Year, Per Month
These common expenses or condo maintenance fees are payments that unit owners must make every month to cover their portion of the expenses for the common elements of the building (e.g. areas of the condo enjoyed by all residents). These fees pay for the daily care, maintenance and upkeep of the condo.
Condo fees include (for common elements only): Cleaning, elevator and maintenance, fire protection, general building repairs, insurance, snow removal and landscaping, electricity, natural gas, water and sewer, accounting and administration, property management, realty taxes, reserved fund contribution.
Total Average Monthly Condo Fees at Kerryhill Court Condominiums is $219 per month.
Reserve Fund Contribution
A reserve fund is like a savings account or insurance policy for capital expenditures that will come up in the future. Condominiums have a reserve fund account that is separate from the general operating budget account.
In Ontario, a condominium must carry out a Reserve Fund Study performed by engineers every three years, as per Section 94 of the Condominium Act. This study determines the life of capital items and the required monies are set aside.
Almost 20% (19.2%) of the condo fees collected by Kerryhill Court goes toward Reserve Fund Contribution (Capital savings as per Engineer’s Report).
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