It’s big and it’s real — condo buyers’ and residents’ fear of escalating monthly maintenance fees.
But a study by Condos.ca shows condo fees in Toronto rose only 2.5 per cent last year over 2016. The average maintenance cost on a 594 sq. ft., one-bedroom apartment was $386.60.
That compares to an annual increase in both 2016 and 2015 of about 4 per cent.
Condos.ca found that the average fee among 984 buildings last year was 65 cents per sq. ft. That equates to $628.02 a month on a 956 sq. ft. two-bedroom unit and $881.20 a month on a 1,354 sq. ft., three-bedroom apartment.