When you buy a condo in Calgary, you don’t only own the physical living space that you purchased, but you also own a share of ownership in the condo corporation.
That corporation needs revenue to pay for day-to-day operations such as cleaning of common property, snow removal, landscaping and everything in between.
Items included in most Calgary condo fees:
- Heat and water for the condo units as most buildings have centralized heat and water systems
- Heat and electricity for the common area and operation of the common property throughout
- Insurance for the overall structure and common property
- Reserve fund contributions to replace common property as required
- Management company fees for the overall management of the corporation
- Landscaping & snow clearing for any greenery, sidewalks or driveways
- Exterior maintenance and cleaning for the overall building
- Caretakers and live in managers as required
- Security personnel as required
Less common items included in Calgary condo fees:
- Cable and internet
- Full time or part time concierge
Why are Condo Fees Important?
Without condo fees, the condominium corporation wouldn’t be able to operate; you would have a condo unit in a dark, cold, vacant building simply put. Another reason condo fees are important is that the elevators, roof, structure and every other component will one day have to be replaced.
When that time comes you want to have enough money in your condo corporation’s reserve fund to cover those expenses, otherwise it may result in a special assessment where the owners pay to cover the difference. This can sometimes happen with little warning and can be a large figure which isn’t affordable for many owners.
I have heard of special assessments ranging from $500 all the way up to $100,000 per condo! Your condos value is intrinsically tied to the health and overall operation of the condominium corporation!!
Funding the Operation…
It is important to take interest in your condo, pay your condo fees, encourage other owners to treat the condo with respect. I is also really important to make everyone accountable for their actions in the condo building whether owner or tenant as you fund the operation of the building.
What do I mean by accountable?
If you have one or more less respectful owners or tenants, it can end up costing the corporation and hence the owners more money unnecessarily for clean up, repair and maintenance that would not have been necessary otherwise.
- For several more tips on condominiums, check out Your Complete Calgary Condo Guide
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