Condo fees in Toronto and the GTA, explained

Every condo owner pays a monthly fee for the building’s running costs and future repairs. A low fee is not always a good sign; here is how to judge one.

By Mehran Salehian, Sales Representative · Reviewed October 2026

Typical fees right now

Median monthly fee per square foot for condo apartments listed for sale today, from the listings on this site:

What the fee usually covers

• Building insurance, cleaning, security and management
• Upkeep of common areas, elevators, gym, pool and party room
• A contribution to the reserve fund for big future repairs (roof, windows, garage)
• Often some utilities: water, heat or air conditioning, sometimes hydro

Check the listing for "maintenance includes" to see which utilities are in. A fee that includes heat and hydro can be cheaper overall than a lower fee that doesn't.

Why fees rise

Older buildings need more repairs, and insurance and wages go up every year. Increases of 3–6% a year are common. A much bigger jump or a special assessment (a one-time charge to every owner) usually means the reserve fund fell short.

Check the status certificate

Before you firm up an offer, have your lawyer review the building's status certificate. It shows the reserve fund balance, the budget, known lawsuits, planned fee increases and any special assessments. Make your offer conditional on it if you can.

Fees and your mortgage

Lenders count half of the condo fee in your housing costs for the stress test, so a high fee lowers how much you can borrow. How the stress test works.

Condos with fees under $500

What a condo fee does to your borrowing power

Lenders count half of the monthly condo fee as a housing cost in the stress test. Here's a worked example using a 6.2% qualifying rate and a 30-year amortization.

1. A $600 monthly fee adds $300 to your qualifying housing costs.
2. At that qualifying rate, each $1 of monthly payment supports about $165 of mortgage.
3. So $300 a month of counted fees takes about $49,000 off the mortgage you could otherwise qualify for.

In round numbers, every $100 a month of condo fee lowers your maximum mortgage by about $8,000 in this scenario. That's why two units at the same price can produce different pre-approvals. Try your own numbers in the mortgage calculator.

Reading the status certificate, step by step

A status certificate is the building's official snapshot. The condo corporation can charge up to $100 for it, taxes and materials included, and must offer delivery within 10 days at that price. Anyone can request one (Condominium Authority of Ontario). Build those 10 days into your conditional period. Your lawyer will review it with you, but here's what to look at yourself:

1. Your unit's account. Make sure the seller is paid up, and check whether a fee increase has already been announced.
2. Special assessments. Look for any that have been levied but not yet collected. Ask your lawyer who pays them under your agreement.
3. The reserve fund. Note the current balance, the planned contributions and the date of the latest reserve fund study. A comprehensive study is required in the first year after the building is registered. After that, updated studies are required at least every three years (Condominium Authority of Ontario). If the funding plan calls for big jumps in contributions, fees will follow.
4. The budget. Compare this year's spending with last year's. Insurance, utilities and repairs are the lines that move most.
5. Legal actions. Look for lawsuits by or against the corporation, which can lead to costs for owners.
6. Rules and declaration. Check the rules on pets, rentals, renovations and parking that matter to you.
7. Insurance. Note the building's insurance deductible. Make sure your own condo insurance can cover your share if a claim starts in your unit.

Common mistakes

• Comparing fees without comparing what's included. A fee that includes heat, water and hydro isn't directly comparable to one that covers only water. Check the listing's "maintenance includes" field, then ask for recent utility bills if they're paid separately.
• Forgetting parking and lockers. Some buildings charge a separate fee for each parking spot or locker. Add them in.
• Treating a low fee as a bargain. A fee kept artificially low can mean the reserve fund is behind, which often leads to a special assessment or steep increases later.
• Assuming you can rent the unit on Airbnb. In Toronto, short-term rentals are allowed only in your principal residence, and entire-unit short-term rentals are capped at 180 nights a year (City of Toronto). Your building's declaration and rules may restrict them further.
• Trusting first-year fees on a new building. In a new condo, the first budget is an estimate made before the building has any history. Expect adjustments once real costs come in.

Frequently asked questions

Who decides how much the fee goes up?

The condo board sets the budget, based on running costs and the reserve fund study's funding plan. Owners elect the board, so going to the annual general meeting and reading what the corporation sends you is how you keep an eye on it.

Can I get out of a special assessment?

Generally, no. It's a charge to every owner based on their share of the common expenses. That's why checking the reserve fund before you buy matters.

What if I have a dispute with my condo corporation?

Start with the property manager and the board. For certain types of disputes, the Condominium Authority Tribunal offers an online process. Check that it has authority over your issue before you file (Condominium Authority of Ontario).

Are fees on a new condo different from a resale?

Besides the estimate issue above, buyers of new condos who move in before the building is registered usually pay an interim occupancy fee until it is. It isn't the same as the condo fee. Ask the builder how it's calculated, and check the agreement with your lawyer before you sign.

Is a higher fee ever a good sign?

It can be. A fee that funds a healthy reserve, covers your utilities or pays for staff and amenities you'll use may be better value than a low fee that defers the inevitable.

What's changed in 2025–2026

• New condos and 30-year mortgages. Since December 15, 2024, buyers of any newly built home, condos included, can choose a 30-year insured amortization. That also applies to new condos with an interim occupancy period (Finance Canada).
• HST relief on new condos. First-time buyers of new homes can claim the federal GST/HST rebate and Ontario's top-up. Ontario's enhanced relief for all buyers covers agreements signed from April 1, 2026 to March 31, 2027. See the first-time buyer guide for the details.
• Status certificate fee. As of October 2026, it is still capped at $100 for 10-day delivery.

Ready to compare buildings? Browse condos with lower fees, then check each building's status certificate before you firm up.

This guide is general information, not legal, tax or financial advice. Rules and rates change; confirm the details with your lawyer, lender or accountant.