Condo fees: what are they used for?

This article was originally published on March 3rd, 2008. It has been updated to  reflect current information. 

Condo owners pay a monthly fee to cover their portion of the operating expenses of the common property elements.

The calculation of condo fees is usually specified in the governing documents of the condo corporation. These fees are usually calculated from the annual operating cost of the entire condominium and divided by the percentage of your contribution to the common expenses (your unit factor) as outlined in the condominium governing documents and/or local legislation.

These fees may include: Continue reading on Condo Fees>>