Looking for some guidance regarding the 8% maintenance fee increases my building
We have no pool, and the "amenities" were closed for a good chunk of the year. Was that right to increase by that much as many of us think there must be a limit they can raise it. Building is 3 years old and previous increases were around 2%.
Hello Paula, thank you for your questions. I think a lot of condo owners would be interested to get the answer. It is so frustrating to see the increase of a condo fee every year especially when our income is not increasing the same. There are many new condominiums of Toronto & GTA increased their condo fees during the first 3 years of operations because developers usually underestimate condo fees to attract more condo buyers. https://condobi.ca/news/condo-benchmarking/18-5-of-toronto-condos-increased-maintenance-fees-by-20-and-higher/
There is no limits on condo fee increase under the Condominium Act. Condo boards have the full authority to increase the condo fee every year. But Condo Business Intelligence analyses condo management best practice continuously. There are a lot of examples in Toronto and Montreal where perfectly maintained condominiums have a low fees (as an example, owners of "Villa Latella Condos" pay just $140 per month for 750 Sq Ft units hydro is extra). https://www.villalatella.com. That building is meticulously maintained for that low fees, but owners pay one time fee in the case Condo Board decided to do some renovations or something else. But it happens one time in a couple of years ad it is $300 - $1000 per unit and owners saw the result of those spendings almost immediately. There are a lot of condominiums in Toronto & GTA that might be good benchmarks to show to your Board Directors and ask questions:
There are 10% of new condominiums that decreased condo fees during their first 3 years:
https://condo-fairtender.ca/blog/top-32-toronto-condominiums.html because of an efficient condo management (spending every dollar to get higher quality of services for a better price).
And there are some companies and condo managers that are able to provide a high quality of maintenance spending less:
You can find some information how to find such company
And now, Condo Management Best Practice Page is organized at
Your condo Board Directors might check the most efficient condominiums and invite the company or a property manager of that condominium to implement their the best practice in your condo.
you can discuss all the list of the best management companies and problems here (just ask your neighbours to be registered).
Please ask any questions if you need any help.
We are here to protect condo owners and connect condo directors with the best condo service providers that could make your condo services more affordable, a higher quality and your condo life more enjoyable!