What is the average condo fee in Montreal?
Condominium fees are important factors to consider when deciding to buy a condo.
The average monthly condominium fees in Quebec were determined to be $193, per statistics received by the Quebec Federation of Real Estate Boards (QFREB). The highest condo fees in Quebec are in census metropolitan areas in Montreal, averaging $198 per month. The island of Montreal has the most expensive co-ownership fees, with an average of $234 per month. In other regions of Montreal, the average fee is lower, ranging from $124 to $167 per month.
Let’s have an in-depth view of Montreal’s condominium fees, how they work, and what they cover. By understanding that, you can be sure that you are making the best decision for your needs.
How Condominium Fees Work
Condo fees generally cover the costs of building maintenance and repairs and common area amenities like swimming pools, gyms, and security. On the other hand, reserve funds are typically used for larger projects or unexpected repairs, such as new roofs or elevator repairs.
Are condo fees mandatory?
Yes, condo fees are mandatory in a divided co-ownership in Montreal. On the other hand, undivided co-ownership property owners still pay a monthly or annual sum of money to go into a reserve fund in order to pay for building expenses like administrative costs, maintenance costs, etc., as per the Condominium Act.
How are condo fees calculated?
Condo fees are generally calculated on the ownership percentage of the whole property. To calculate this percentage, the square foot of the owner, including the unit and parking space you own, is used to determine the fees.
For instance, if your ownership value is 8%, you will have to pay 8% of the shared expenses.
Are Condo Fees Negotiable?
No. They are mandatory and non-negotiable fees. While you may negotiate on the price of condos in Montreal but when it comes to condo fees, there is no wiggle room – they are set in stone.
Every year, the condominium board of directors decides the budget considering the reserve fund, upcoming expenses and project in mind and decide whether to increase, decrease or keep the same fees.
What does the condo fee cover?
Condos fees (also called Strata fees) are the contribution to the reserve fund of the company, which are used to cover the utilities and maintenance costs.
Condo fees general cover;
- Contingency fund contribution
- Maintenance of the common area
- Insurance premium cost of the building
- Administration costs
- Self-insurance premium cost (mandatory for divided condos in Quebec)
What is a Special Assessment?
As a condo owner, you may be required to pay a special assessment. This is an additional fee, over and above your monthly condo fees, to cover costs for projects such as renovations or to remedy financial issues.
How much are the monthly condo fees in Montreal?
On average, the monthly condo fees can range from somewhere $100 to $700 per month depending on the high-end amenities, parking and other facilities.