Why are condo fees so different between buildings?
Because of what they include and how well the reserve is funded. A fee covering heat, water and hydro is not comparable to one covering none, and a low fee in an aging building usually means a special assessment later.
Compare fees per square foot, and only after normalizing for what is included. Utilities, particularly heat and water, account for a large part of the spread. So do amenities: a pool, a gym, a concierge and a party room are staffed and maintained by the fee.
The second driver is the reserve. Two identical buildings can charge very different fees because one is saving for the garage membrane and the other is not. The one that is not has cheaper fees today and a special assessment in its future.
Age matters in a specific way: buildings roughly fifteen to twenty-five years old hit the expensive cycle, when roofs, elevators, garages and window walls all come due together.
So the questions are what the fee includes, what the reserve fund study projects, and what the reserve actually holds. A high fee with a healthy reserve is frequently the cheaper building to own.
Next questions
What is a special assessment and can I be hit with one?
A one-time charge levied on every owner when the reserve fund cannot cover necessary work. It is not optional, it is a lien on your unit if unpaid, and nothing in this app can size one for you: the amount depends on the work and on your unit's share of it, and the status certificate is where any figure for your building exists.
Ontario
What is a status certificate and what is in it?
The condo corporation's disclosure package about the unit and the corporation: fees, arrears, budget, reserve fund, insurance, litigation, rules and any planned special assessment. The corporation must produce it within ten days and the fee is capped by regulation.
Ontario