Buyer guide
Markham Condo Fees Explained
Kirby Chan, Broker, explains what condo fees in Markham look like, what drives them up or down and what to check before making an offer.
Key takeaways
- What drives condo fees higher or lower
- Fees apply to both stacked townhouses and high-rise condos
- Review maintenance fees before making an offer
About this video
Kirby Chan, Broker, of Kirby Chan & Co. Real Estate Team breaks down what condo fees actually look like in Markham and what drives them higher or lower.
From stacked townhouses to high-rise condos, he explains how maintenance fees work and what buyers need to watch for before making an offer so there are fewer surprises later.
What a condo fee actually pays for
A condo fee, properly called a common expense, funds the day to day operation of the building and the contributions to its reserve fund. What sits inside that figure varies between corporations, so the useful question is never whether a fee looks high. It is what this particular building’s fee covers and whether the reserve behind it is healthy.
Two buildings with similar fees can be in very different shape. One may include heat and water while the other bills them separately. One may have a well funded reserve while the other is heading toward a special assessment that lands on the owner rather than the corporation.
What to check before you offer
The document that answers this is the status certificate. In Ontario the corporation must deliver it within 10 days of receiving the request and the fee and the fee is capped at $100 including taxes. Your lawyer reads it for the current fee, the reserve fund and its latest study, any arrears on the unit and any legal action the corporation is involved in.
Build roughly two weeks into your condition period for that: 10 days for the corporation plus a few days for your lawyer. Our post on status certificates in Markham sets out what the document must contain. If you are buying a condo as a first home, our first time home buyer guide covers how the fee fits the rest of your monthly budget and our downsizing guide covers the same question for anyone moving from a house.
Not advice. This video and these notes are general information only. Nothing here is legal, tax, mortgage or investment advice.
Market data. Any figures mentioned reflect the period stated at the time of recording and may be out of date. Always confirm current figures before acting.
