Condominium fees are contributions made by all unit owners to fund the operation, maintenance, and financial stability of the condominium corporation.
Condominium fees typically cover:
• Maintenance and repair of common elements
• Building insurance
• Utilities serving common areas (if applicable)
• Property management services
• Administrative and operating expenses
• Contributions to the reserve fund for major future repairs
Condominium fees ensure the building is properly maintained and financially stable over time.
Detailed information about how condominium fees are used is available in the condominium corporation’s annual budget. Budgets are distributed on an annual basis as required by the Condominium Act. Additional copies can be obtained via https://www.imperialproperties.ca/condo-docs-order