The study, entitled Toronto Condo Maintenance Fees: Facts, Stats and Myths, is the result of a ten-year citywide analysis of condos sold through the Toronto Multi-Listing Service (MLS). Its findings confirmed and busted several commonly held condo myths.
Myth: Older Condos Always Cost More to Maintain
Fact: False! While units in older buildings may often be larger, there is no discernible pattern between age of building and maintenance fees per square foot.
Myth: Amenities Drive Fees Up
Fact: True! The premium for buildings with a pool, gym and concierge is fairly substantial at +31%.
Myth: New Condos Have Lower Fees
Fact: True! Initially new condos have 12.8% lower fees than the market average but within 9 years they are at par. New condo fees increase substantially faster in the first 3 years compared with the overall market.
Savvy condo buyers know that all condo markets share certain things in common. While Toronto condo fees may not be impacted as much as those in Yellowknife by heating costs and energy efficient construction, other factors like the appeal, and cost, of amenity space are just as relevant here as they are there. For more information about the study, go here.