If it’s possible to decrease maintenance fees, how much would you choose to decrease?

From: Willow, Condo Maintenance Fee

Date: 2023-04-13 01:13

2

If it’s possible to decrease maintenance fees, how much would you choose to decrease?

If the condo corporation has sufficient funds and can choose to decrease maintenance fees, how much would you choose to decrease the maintenance fees?

I think I happened to see an article mentioning lower maintenance fees don’t necessarily mean to higher market price, then what’s the motivation to decrease the maintenance fees then?

Maria,

2023-04-14 21:32

You could check condos with similar amenities to understand how is your condo against others.
Here is some information for 2022, but it is not updated for 2023.
https://condo-benchmarking.ca/condo-maintenance-fee-price-ranking-performance/

Administrator,

2023-04-14 23:06

Every condo has its own set of services and condo owners preferences. But financially efficient condominiums spend less maintaining their buildings in the best physical and operating conditions, maintaining some of the highest market values.
You could check best condo management practice
https://condo-benchmarking.ca/condo-company-management-rank-and-selector-page/best-examples-of-condo-management-practice-in-toronto-gta/
But it is better to implement internal control procedures to prevent risks connected with losing money rather than discover it when something happened. You might be willing to check:
https://condobi.ca/news/condo-social/how-to-save-condo-owners-money/
Thank you so much for your questions Willow!