What do condo fees usually include?

They commonly cover common-area maintenance, building insurance on the structure, snow removal, landscaping, elevator servicing, and contributions to the reserve fund. Some buildings also bundle in heat, water, or amenities.

Do condo fees affect my mortgage approval?

Yes. Lenders include a portion of your condo fees in your GDS and TDS ratios, so a higher fee reduces the mortgage you can qualify for, even at the same price.

What is a special assessment?

A special assessment is a one-time charge levied on owners when the reserve fund cannot cover a major repair. Reviewing the reserve fund study helps you gauge the risk before buying.

Mortgage Glossary

What is Condo Fees (Maintenance Fees)?

Condo fees are the monthly charges every condominium owner pays to cover the upkeep of shared property and to fund the building's reserves. They pay for things like landscaping, common-area cleaning, building insurance, and the salaries of management or maintenance staff. The fee is set by the condo corporation's annual budget and divided among unit owners.

Find my best mortgage Back to glossary

Quick answer

Also known as: maintenance fees, strata fees, condo maintenance fees, common element fees

Key points

Condo fees fund shared maintenance, building insurance, and the reserve fund.
Your share is usually based on the size or proportionate interest of your unit.
Lenders count condo fees in your debt-service ratios, lowering borrowing room.
A weak reserve fund can lead to special assessments on top of regular fees.
Review the status certificate and reserve fund study before buying.
Fees generally do not cover what happens inside your own unit's walls.

Condo Fees (Maintenance Fees) explained

Condo fees, also called maintenance fees or strata fees, are recurring payments collected by a condominium corporation to operate and maintain the shared portions of a building or complex. They typically cover heating and cooling of common areas, water, building insurance on the structure, snow removal, elevator servicing, and contributions to the reserve fund that pays for major future repairs such as a new roof or elevator.

Each owner's share is usually based on the size or proportionate interest of their unit, so larger units generally pay more. Fees can rise over time as costs increase or as the reserve fund needs topping up, and a poorly funded reserve can lead to special assessments, which are one-time charges on top of the regular fee.

What a Condo Fees (Maintenance Fees) is for

Condo fees exist to make sure shared property is maintained and funded without each owner having to organize and pay for repairs individually. They pool money so the building stays insured, clean, and functional, and they build a reserve so that large, predictable expenses do not catch owners off guard. They are the financial engine that keeps a condo community running.

How it can help you

Knowing the condo fee helps you judge the true monthly cost of owning a unit, because lenders count these fees in your debt-service ratios and they reduce how much mortgage you can carry. A higher fee can shrink your borrowing room even if the purchase price is the same. Lenderoo shops 40+ lenders for free, so you can see how different lenders treat condo fees in their affordability calculations.

When it comes up

Condo fees come into play when you compare two units at similar prices. One may have a $300 monthly fee and the other $650; over a five-year hold that difference is more than $20,000, and the higher fee also lowers the mortgage you qualify for. Reviewing the status certificate and reserve fund study helps you judge whether a fee is reasonable.

Example: Fees and your qualifying amount

Imagine you can comfortably devote $2,500 a month to housing costs. If a condo charges $300 a month in fees, roughly $2,200 is left for your mortgage payment and property tax.

If a different condo charges $700 a month, only about $1,800 is left for the mortgage and tax. Lenders typically count a portion of condo fees in your debt-service ratios, so the higher-fee unit can meaningfully reduce the mortgage you qualify for, even at the same purchase price.

Have a question about condo fees (maintenance fees)?

Lenderoo shops 40+ lenders for free and matches you with a mortgage professional who explains every term — and finds your best rate.

Get pre-approved free Talk to an expert

Questions & answers

Condo Fees (Maintenance Fees): frequently asked questions

Common questions Canadians ask about condo fees (maintenance fees).

Keep learning

Back to full glossary

Understand your mortgage with confidence

Lenderoo shops 40+ lenders for free and pairs you with a mortgage professional who keeps the jargon simple — and gets you a great rate.