Three Facts You Should Know About Vancouver Condo Fees

May 1st, 2008 Categories: Real Estate Definitions, Vancouver Real Estate

In Vancouver, condominium fees are paid monthly and cover all the expenses that relate to the condo corporation’s expenditures.

These expenses include insurance on the building, property manager’s fees, gardening, garbage collection, water, maintaining the common property, concierge, upkeep of the amenities, caretaker’s salary, repairs and maintenance to the building and a contribution to the reserve fund. These items are set out in an annual budget and voted on by the condominium owners.

Did you know you can search for condos on this site?

Fact One You should check if your Vancouver condo fees include the gas for the fireplace and stove, the hot water and heat, or do you pay your own utilities?

Fact Two it’s difficult for the strata council to determine the exact expenses that the corporation will incur over the period of a year, so if there is a shortfall the owners may have to come up with a special assessment or they make take it out of the reserve fund. This would have to be voted on at the AGM. Surpluses are normally carried forward to the next year’s budget.

Fact Three unanticipated expenses that show up during the year. Older buildings which may not have a 5 year plan and budgeted for upcoming repairs, may be faced with unexpected repairs. This will result in a special assessment and/or a depletion of the reserve fund or an increase in your Vancouver condo fees or a combination of any of these.

How are maintenance fees determined? by the size of your suite. Each owner will pay a percentage of the budget, based on their unit entitlement which is part of the registered strata plan.

Comparing Vancouver condo fees is often difficult as one needs to compare apples with apples. What amenities does the building have? Is it newer and under warranty or older and in need of new roof, exterior paint, lobby upgrade, etc? What services does it offer? How many suites are in the building?

A well managed building will have a good reserve fund.

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Share your condo experience with us. Have you lived in a building that’s had a special assessment? Was it unexpected? Was a large assessment? What was it for?

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