Thinking about buying a condo? It’s important to consider these important facts before you buy.
The highest condo fees for the province of Quebec are registered in the Montreal Census Metropolitan Area (CMA), at an average of $198 per month. On the island of Montreal itself, that average jumps to $234 per month and varies from $124 to $167 per month in other sectors of the city. In Laval, the figure drops to $167 per month. Monthly condo fees are an average of $124 on Montreal’s North Shore, and $158 on the South Shore. When calculated according to square footage, the Island of Montreal registers average condo fees of $0.23 per month per square foot, and this figure drops to $0.17 in Laval.
Large concrete buildings of four floors or more normally offer more services and cost more to maintain, so there is a considerable difference in price than if you choose to purchase a condo in a smaller wood building: large concrete buildings on the Island of Montreal average $309 in monthly condo fees, or $0.30 per square foot, whereas the smaller wood structures average $149 per month, or $0.16 per square foot.
The age of the building also determines the amount of condo fees you can expect to pay, as older buildings require more maintenance and repairs. For a brand new condo on the Island of Montreal, the average monthly condo fees are $181. For existing condominiums, you can expect to pay an average of $220 per month on buildings built in 2000 or later, but that figure jumps to $250 a month if the building was built before 2000.
Statistics were taken from an examination of condo fees that was studied for the first time ever by the Québec Federation of Real Estate Boards, based on sales concluded between May 1 2015 and April 30 2016. For the purposes of the study, condominium fees were defined as the “costs necessary for the administration, maintenance and common areas of a condominium building and that are owed by the co-owners to the syndicate.” Common expenses such as snow removal grounds maintenance were also included.