If you’re worried that your condo fee is getting higher every month or so. Don’t fret, it means that the Condo Corporation cares about the well beings of their residents.

Condo fees are actually contributions, and therefore necessary. It’s way where everyone pools in together to cover common area expenses. There are three types of increases:

1. Energy Costs: example is using the heating system can be quite expensive or even electricity to light the hallways.

2. Personal Furnace Costs: If you have one, the gas company will definitely bill you on this one.

3. Reserve Funding: It’s a way to ensure that the condo has enough money if anything drastic happens such as a typhoon, or blizzard occurs.