One of the greatest attractions of the condo lifestyle has always been the freedom it affords owners to come and go without worrying about who will take care of the lawn in the summertime or the snow in winter. Add to that the freedom from having to climb up on the roof and fix a broken eaves trough or pay to resurface a driveway ever couple of years and you get a sense of why condo life appeals to so many. Convenience, security, and fewer demands on owners’ time make condo life very attractive.

Another big attraction of condo living in Toronto is the amenities that go with it. Fitness facilities are very hot these days, especially among millennials. According to the CEO of a consulting service that specializes in condo gyms, millennials demand the best when it comes to condo fitness facilities, and more and more of them are forsaking traditional gym memberships in favour of on-site facilities in their condos. Mark Stables of Movement Haus told NOW magazine recently that the gym is the most used amenity in any condo today.

Many condo developers dedicate huge areas, and some very creative design, to their amenities, indoor and outdoor. Rooftop infinity pools and lounges, park land, brand-name gyms equipped with state-of-the-art equipment, and a host of specialty boutique services are now expected by consumers.

So condo living is carefree and convenient and like living in a resort all year round? Well, not entirely. As Consumer Protection Ontario points out, many people do not use all the amenities in their condo. As for the carefree living, it’s true up to a point, but condo owners really owe it to themselves to be informed and involved in the running of the community they live in. That is especially true of the community’s finances. Unfortunately it is not difficult to find examples of condo corporations where bad management has led to financial difficulties for owners. The more engaged the owners are in the running of the condominium’s affairs, the less likely a financial crisis is to occur. Attending all meetings that are open to them, especially the annual general meeting, is one way for owners to stay in the loop.

As for the amenities, condo owners pay for them and all the other services that make condo life so pleasant. The difference is that all of the owners share the expenses, in the form of monthly maintenance fees, also known as condo fees. This allows them to enjoy amenities they might not be able to afford if they lived in a house.

Condo fees
Condo fees are based on the size of the condo unit. Each condo unit has a “unit factor” that describes what percentage of the condominium community’s common property is owned by that unit. The unit factor, based on the size and location of the unit, is used to determine how much the owner must pay in monthly maintenance fees. If an individual unit occupies 1 per cent of the total space, the owner of that unit is responsible for 1 per cent of maintenance costs. The cost is calculated per square foot. In Toronto today the range is from around 50 cents per square foot at Tridel’s Avani 2 at Metrogate (estimated cost), to more than 80 cents in some buildings.

Typically, monthly condo fees pay for
• snow removal
• garbage and recyclables pickup
• landscaping
• cleaning of common areas
• heating and cooling systems maintenance
• amenities
• utilities
• cable and Internet
• insurance for common areas
• security systems maintenance and monitoring
• salaries of employees (superintendent, concierge, security guards)
• property management fees

Generally, the more amenities there are, the higher the fees will be. If a building has 24-hour concierge and security services, valet parking, extensive fitness and recreational facilities and extensive landscaped grounds, maintenance fees will likely be higher the in a building without those extras. These fees can be offset, however, by the incorporation of energy-saving features in the building. Buildings that are LEED certified and have high-efficiency lighting, water, HVAC and other green features should be able to operate for less per month than older buildings that do not have such features.

Before buying a condo in a particular building, consumers are advised to consider whether they will take advantage of the amenities it provides, and to enquire about its green credentials.

Perhaps most importantly, buyers should be sure to obtain a copy of the condominium’s status certificate. This is a document that every condo corporation is required to provide on request. It includes the corporation’s financial records and budget, and it explains the common element fees structure. If there is going to be an increase in fees, or a special assessment to pay for some needed maintenance item not covered in the budget, it should be in the status certificate, and a buyer should know about it. Offers to buy condominiums are typically conditional on a review of the status certificate, which should be done by a lawyer.

Condo Lifestyle, for All Its Convenience & Freedom, Is Not a Free Ride by Josephine Nolan | Condo.ca