What Will it Cost?- Condos
When comes time to shop and compare condominiums complexes, it is very important to be aware of the monthly costs (mortgage plus strata fees) associated with each unit you so that comparisons can be made. This page outlines common condominium expenses to help you with your budget preparation.
For new construction, the purchase price may include:
In some provinces, two months’ common expenses to build the reserve fund Occupancy fees (from occupancy closing to title closing) which may include:
Any costs over and above the basic unit purchase price should be clearly outlined in the agreement of purchase and sale. You should budget for these charges when you are considering buying. At final closing you will be required to pay the following costs:
Many of these additional costs do not apply to re-sale units, since they were already paid and/or factored into the purchase price.
There are more expenses involved in owning a condominium than just the purchase price. Monthly condominium fees or common expenses: