CHOA Condo Smarts: What is the right amount for strata fees?

    We came across this Condo Smarts post by Tony Gioventu from Condominium Home Owners’ Association of British Columbia that explains the differences in strata maintenance fees due to several factors such as hot water heat to each strata lot as a common expense versus electric heat paid by each owner individually. “Don’t be fooled by numbers without more information” Take a look at the following article for comparisons.

    Dear Tony: Our strata has been struggling with the issue of determining how high our strata fees should be. Since we received our depreciation report, our council have put pressure on the owners to increase contingency contributions, and our maintenance and inspection provisions as part of our budget. As a result we increased our strata fees by 8% in 2014 and are looking at another 12% in 2015. The property across the street from us was built in the same year and their strata fees are $100 a month cheaper and this is having a negative effect on the ability of owners to sell their units. We have many opinions in our strata but few facts and I’m afraid our community is becoming divided over this issue. Is there such a thing as an average strata fee?

    Continue reading here

    Read More From Condominium Home Owners’ Association of British Columbia.

    Share this post:Share on FacebookShare on Google+Tweet about this on TwitterShare on LinkedInEmail this to someone