Fund fact: the term "condominium" comes from the Latin words "con" meaning "together" and "dominium" meaning "property ownership."&nbsp;In Toronto, there was a high-profile case in 2018 where a luxury condo development, called the One, was charging astronomical maintenance fees of over $6,000 per month for some units. The fees were attributed to the building's many high-end amenities, including a private rooftop garden, a fitness centre, and 24-hour concierge service.On the other hand, there are also examples of more affordable condo developments in Toronto with low maintenance fees. For instance, the Westside Lofts, located in the trendy King West neighbourhood, charged maintenance fees of around $300-$400 per month, making it a popular option for first-time buyers and young professionals.In Vancouver, one of the most expensive condo buildings in the city is the Fairmont Pacific Rim, which offers stunning waterfront views and five-star amenities such as a spa, fitness centre, and 24-hour concierge. However, these luxurious perks come with a price tag, as maintenance fees for some units can exceed $2,000 per month.With the cost of homeownership skyrocketing, many Canadians are considering condo living as a more affordable option. However, when you buy a condo, you're not just paying for the unit itself, but also for monthly fees that cover the upkeep and operation of shared spaces and amenities. So, are condo fees worth it, and is there an appetite for a more budget-friendly option? Let's dive in.First, let's look at the numbers. According to WOWA, the national average home price in Canada is a staggering $662,437. In the Greater Toronto Area and the Greater Vancouver Area, the average condo prices are even higher, at $705,472 and $775,467 respectively. Meanwhile, Montreal's average condo price is more reasonable at $380,000, and Calgary, Edmonton, and Winnipeg are on the more affordable end, with average prices of $280,697, $187,325, and $253,174 respectively.But when it comes to monthly condo fees, the picture is more mixed. According to ReMax, condo owners in Toronto can expect to pay between $500 and $1,000 per month in fees, depending on the size of their unit and the amenities included. In Vancouver, Calgary, and Montreal, fees are generally lower, and are typically calculated as 50 cents to $1 per square foot of space owned, according to RateHub.So, what exactly are you paying for with these fees? Think of them as a subscription fee for living in a small community, as Square One Insurance puts it. The fees go toward maintaining and operating shared spaces, such as elevators, lobbies, hallways, and recreational areas, as well as covering routine maintenance tasks like lawn care, snow removal, and garbage pickup. They also help build a reserve fund for unexpected repairs and major upgrades. In some cases, fees may also cover the cost of on-site security, building management, and concierge services.Of course, the more amenities a condo complex has, the higher the fees will be. Pools, gyms, libraries, theaters, and other luxury features can add hundreds or even thousands of dollars to your monthly bill. But even if you don't use these facilities, you'll still have to pay for them.So, what about the idea of "no frills" condos with reduced fees? While it sounds appealing in theory, it may not be a practical solution for most buyers. As Forbes Real Estate points out, amenities and shared spaces play a big role in defining the lifestyle and community of a condo complex. For many buyers, these features are a key factor in their purchasing decision, and they may be willing to pay extra for them. Moreover, reducing fees too much could compromise the quality and upkeep of shared spaces, which could lower the value of the property over time.Reducing condo fees can be an attractive option for some buyers, especially in areas where housing prices are high, and buyers are looking for more affordable options. However, it's important to note that amenities and services such as security, maintenance, and shared spaces do come at a cost. Therefore, it can be challenging for condo developers to provide a low-cost option without sacrificing essential services or quality.It's also worth considering that not all buyers prioritize the same amenities, and some may prefer a more no-frills option. In that sense, offering different condo options with varying amenities and fees can help attract a more diverse range of buyers.In the end, whether or not condo fees are worth it depends on your priorities and budget. While they may seem like an added expense, they also provide peace of mind and convenience, as well as access to shared amenities and community events. To make an informed decision, be sure to factor in the monthly fees when considering the overall cost of a condo, and choose a complex that aligns with your lifestyle and values.

Are Condo Fees Worth It? Here's What You Need to Know

Many Canadians are considering condo living as a more affordable option. When buying a condo, monthly maintenance fees must be considered. RIFO experts weigh in.

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