Why Are Condo Fee So High? In this article we will look at why are condo fees so high. The amount to be paid for monthly condo fees can range anywhere from $200 for a studio unit in the brand new condominium building to many thousands of dollars for a large penthouse in older building with many amenities, in most cases the fees will be anywhere between $300 to $1,000 per month, sometimes they seem reasonable, in other cases quite excessive, they only go up, and we often ask ourselves... [read more]

The below write up concentrates on Ontario rules but some elements and principals can be applied anywhere. What is a Status Certificate. Status certificate is a document that provides essential information regarding the financial status of the unit and the condo corporation. What’s included in the Status Certificate. Financial statements, budgets, special assessments, liens, arrears, lawsuits, condo declaration, by-laws, reserve fund study, insurance policy and claims,... [read more]

When discussing the condominiums, we often hear terms special assessments and loans, in this blog we will explain what they mean and why they are often a sign of the existing issues. Both loans and special assessments are a form of financing where funds aren’t readily available. Loans – this is pretty self-explanatory, the corporation would apply and receive a loan which would be repaid over an extended period of time and collected via, likely increased, monthly common fees.... [read more]

What is POTL. The term is associated with certain types of properties, in this short blog we will explain what it means as well as how it affects some properties. POTL is short for A Parcel of Tied Land. The most common forms of ownership of properties are freehold (detached or semi-detached homes, freehold townhomes) and Standard Condominium Corporation (your typical condo apartment, condo townhomes). POTL in the context of GTA residential real estate ownership refers to a... [read more]

The topic of co-op units come up when someone sees a very inexpensive unit on the market and asks why so cheap, what’s the catch or is it too good to be true. To understand the issue, we will explain what co-op is, how it differs from the typical unit in a condominium and challenges related to buying, selling and owning a co-op. Legal structure. In a co-operative structure the corporation owns the land and each unit in the building, owner of a co-op doesn’t own the unit but... [read more]