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:

  • Unit sale price
  • Upgrades (negotiable)
  • Development charges
  • PST on chattels (e.g. appliances) being purchased with the unit
  • GST on the sale price
  • Utility hook-up fees
  • Landscaping fees

In some provinces, two months’ common expenses to build the reserve fund Occupancy fees (from occupancy closing to title closing) which may include:

  • Estimated common expenses based on the disclosure statement budget
  • Estimated realty taxes on the unit
  • Interest on the balance is due on closing
  • Warranty program enrolment fees

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:

  • Remainder of purchase price
  • Legal fees and disbursements
  • PST and GST on extras or upgrades to unit finishes, equipment and systems if not included in purchase price
  • Provincial land transfer tax

Many of these additional costs do not apply to re-sale units, since they were already paid and/or factored into the purchase price.

 

Recurring Costs:

There are more expenses involved in owning a condominium than just the purchase price. Monthly condominium fees or common expenses:

  • Property taxes
  • Unit and contents insurance
  • Mortgage payments
  • Amenity fees, such as storage, pool, extra parking, etc. if not included in the common expenses
  • Utilities (if not included in common expenses)
  • Telephone, cable and Internet access (if not included in common expenses)
  • A contingency for emergency repairs
  • Maintenance costs associated with the upkeep of your unit