34% of Calgary condo buyers not confident they could afford condo fee increase

CALGARY — Many Calgary condo owners are not aware that their monthly condo fees can increase at any time, says a report released Thursday by TD Canada Trust.

A survey of condo buyers in Toronto, Montreal, Calgary and Vancouver found that 66 per cent of buyers in Calgary didn’t realize condo fees could increase at any time. It also found that 34 per cent of them are not confident they could afford a condo fee increase.

Among all four markets surveyed, 68 per cent of condo buyers didn’t realize condo fees may increase at any time and 38 per cent say they don’t have confidence that they could afford an increase.

"Purchasing a condo may help you build equity, but the financial commitment of owning a condo may be larger and more complex than many buyers may realize," said Farhaneh Haque, Director of Mortgage Advice, TD Canada Trust. "It’s important to do your research before you hit the open houses to understand the true costs of condo ownership."

According to the Calgary Real Estate Board, month-to-date from November 1-28, there have been 236 MLS sales in the city in the condo apartment category, up 5.36 per cent from the same period last year. The average sale price has risen by 23.57 per cent to $312,566.

mtoneguzzi@calgaryherald.com

Twitter:@MTone123

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