Edmonton Condo Fees | Downtown Condos For Sale

Photographer: Steven Fortier | Source: Unsplash

When searching Edmonton condos for sale, don’t forget about condo fees — legally referred to as condominium contributions — when considering the overall costs of buying a condo. Whether you’re downsizing to a maintenance-free lifestyle or upgrading to high-rise life in a luxury downtown Edmonton condo, your budget should reflect the total cost, including condo maintenance fees.

Read on to find out how condo fees are calculated in Alberta and some average condo fees in Edmonton for popular downtown high-rise condos.

What is included in condo maintenance fees?

Listings for condos for sale in Edmonton may not always tell you what’s covered by condo fees (condominium contributions). At minimum, condo fees go towards the condo corporation’s operating account and a reserve fund.

The operating account covers costs associated with the control, management, and administrative expenses for the corporation’s property, common property, and managed property.

The reserve fund is kept separate and is used to cover the costs of major repairs and/or replacement of the corporation’s real and personal property, common property, and managed property. It’s important to find out how much money the condo corporation has in its reserve fund before buying a condo. The condo corporation should also complete a reserve fund study every five years to determine how much money should be in the condo reserve fund.

Some condo fees cover the cost of certain utilities, such as heat and water or amenities like a gym, theatre room, guest suite, or car wash. At first glance, if the condo fees are too high, find out exactly what they cover — you may be surprised that they actually balance out depending on the types of expenses they include.

How are condo fees calculated in Alberta?

Downtown Edmonton condos will typically have condo fees, which are established annually by the condominium board. There are a few different factors the board will take into consideration when calculating contribution fees. Firstly, the condo board will calculate the total operating and reserve fund needs for the condominium building. This total amount is then divided by each unit owner proportionally based on the unit factor for each unit.

The unit factor is the measure used to determine each condo owner’s share of the condo fees and voting rights. Typically, unit factor is proportional to the size of the owner’s condo unit in square feet.

Average downtown Edmonton condo fees per square foot

Here’s a listing of some of the top condo towers in Edmonton by average condominium fees per square foot. This list will give you a better sense of how condo fees relate to square footage (which is often used to calculate the original unit factor) when you’re looking at condos for sale in Oliver and downtown Edmonton. For example, a 950 sq ft condo unit in Fox One, at $0.41-0.50/sq ft, will cost about $390 to $475 per month in condo fees.

Have questions about the rules for condo fees in Alberta or need help with any of these Edmonton high-rise condos for sale? Call/text Wally at 780-238-7384 or send him a message.