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 . 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 WorkCondo fees generally cover the costs of building maintenance and repairs and common area amenities like swimming pools, gyms, and security. On the other hand, contingency fund is 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?In a divided co-ownerships, Condo fees are generally calculated on the sq footage of your private portion. To calculate this percentage, the square foot of the owner, including the unit and parking space you own, is used to determine the fees.
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 syndicate 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 are the contribution to the reserve fund of the building, which are used to cover the utilities and maintenance costs. Condo fees generally 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)