When buying a property, one of the key decisions you’ll face is whether to purchase one that has a monthly condo/maintenance fee, or a freehold property that has no monthly fees—but more upkeep and potential risks. It might not be obvious right away, but many buyers find that a low-maintenance lifestyle offers greater peace of mind and long-term value and is the right choice for them.

Here’s why the extra condo fee payments are often worth it:

Lower insurance premiums: Exterior building insurance is typically included.
No outdoor upkeep: Snow removal, landscaping, and maintenance are professionally managed.
Predictable repair costs: Reserve funds help cover major expenses and upkeep of the building—no surprise bills.
Stronger resale value: Ongoing maintenance keeps the property looking great and appealing to future buyers.

Explore the benefits below and see why a maintenance-free property could be the smarter, safer choice for your next home.

Condo Fee FAQ

Here is a list of the most common questions that I get about condo fees:

What is a Condominium Corporation?
In simple terms, a condominium is a unique form of property ownership. With condo contributions (commonly referred to as condo fees), ownership is divided into two parts. First, you own your individual unit—whether it’s a condo or townhome—and are responsible for everything inside.

Second, you share ownership of what's known as the common property with the other homeowners in your development. This includes shared spaces like landscaped areas, hallways, parking lots, the building exterior, and amenities.

To manage these shared responsibilities, every condo community is overseen by a Condominium Corporation. This legal entity is responsible for maintaining the property and is governed by a board of elected owners who must be owners in the development.

What does a Condominium Corporation do?
The Condominium Corporation takes care of the day-to-day and long-term upkeep of the community’s shared areas. This can include arranging insurance, landscaping, snow removal, garbage collection, and repairs. Depending on the project, some corporations may cover additional services as well.

What are Condo Fees?
Condo fees are monthly contributions collected from every homeowner by the Condominium Corporation. These fees fund all the services and upkeep required to maintain the community. Every resident in the condominium is required to contribute—no exceptions.

How are Condo Fees calculated?
When launching a new project, builders partner with a professionals to create a detailed budget. This budget is based on their experience with similar buildings in the area and outlines the estimated operating costs for the first year.

A portion of your condo fees also goes into a reserve fund, which helps the corporation pay for future repairs and unexpected expenses—supporting the community’s long-term success. A reserve fund study is regularly completed which looks at the lifetime expectancy of building components and condo budgets are adjusted according to the expected upkeep and replacement costs to keep the building in good working order.

A well managed community will have a strong reserve fund balance (a few million for condos in Toronto). If a condo short is borrowing to pay for the upkeep, this means they aren’t collecting enough and condo fees are likely to rise soon or there will be a special assessment (i.e. a one time contribution to cover a funding shortfall).

Do Condo Fees Always Go Up?

Condo fees don’t always go up, but they often increase gradually over time due to inflation, rising service costs, and the need to maintain a healthy reserve fund for future repairs. Unexpected expenses or poor budgeting by the condo board can also drive fees higher. However, in well-managed buildings with stable expenses and strong reserve funds—especially newer ones—fees may remain steady for years. Before buying, it’s important to review the condo’s financials, fee history, and reserve fund study to understand the likelihood of future increases and how they might affect your investment.

I have personally owned a condo where the condo fees actually went down, so it does happen but prices for everything generally go up over time and is not exclusive to condo fees.

Are Condo Fees Worth It?

Condo communities offer buyers a carefree, low-maintenance lifestyle. For a small monthly fee, you gain peace of mind and more freedom to spend time doing what you love—without worrying about snow removal, landscaping, or property maintenance. It’s not for everyone but many people prefer this ownership style.

If you have any more questions about Condo Fees – send me an email and we’d be happy to discuss!