We’ve decided to take a Covid-break and share with you some of the results of our survey on condo fees. (We meant to share these earlier but… well, you know….)
You may recall that we launched, last year, our most ambitious survey, aimed at getting an accurate picture of “condo fees” across Ontario:
- What drives them up or down?
- How the age or size of the corporation affect them?
- How they compare from city to city?
- How highrises compare to townhomes?
- What amenities are more expensive to maintain?
- Most importantly, how you compare to others?
Well, results are in! We’re happy to share, below, a summary of our key findings. [We’ve sent the complete results to those who completed the survey].
Before we dive in, help us prepare next week’s Webinar (Wed. 5 pm). What topic do you want covered? Take our quick one-question survey.
Who was surveyed?
We’ve heard from managers, directors, owners and tenants from 14 different regions across Ontario (and some from outside Ontario). Unsurprisingly, the bulk of our answers came from the GTA (34%) and from Eastern Ontario (41%). Also most of our answers (46%) came from directors presently serving on boards.
The average condo in Ontario
While our data breaks it down further, here’s a picture of the “average condo corporation” in Ontario:
- It is professionally managed (67%)
- It is between 11 and 20 years old (25%)
- It is a high rise between 11 and 25 floors (36%)
- It has between 101 and 250 units (29%)
- It has units between 1,000 and 1,500 square feet in size (46%)
- It has indoor parking (73%)
- It does not have EV charging stations (90%)
Average condo fees in Ontario
Perhaps the most interesting statistics are those related to the average “condo fees”. After all, that was the purpose of the survey.
Calculating condo fees is not an exact science. Too many variables go into the equation:
- The age of the building
- The size of the building and of the units
- The number of units
- The amenities included
- What is included in the fees (water, electricity, heat, AC….)
- Whether you are professionally managed; whether you have a concierge, a live-in super, a security desk…
At the end of the day, you get what you pay for (or at least that’s the theory). Still, from the data we’ve gathered, we were able to identify really interesting trends on condo fees across the province.
Condo fees average $0.58 per square foot.
Our survey results further break this down and rank fees based on size, height and age of the complex. As true #CondoGeeks that we are, we also compared fees against amenities and services provided.
Least expensive condo to live in
It appears that the least expensive condo to live in is:
- A townhome
- In Northern Ontario
- Built less than 2 years ago
- Comprised of 26 to 50 units
Most expensive condo to live in
On the other hand, the most expensive condo to live in is:
- In the GTA
- 2 to 10 years old
- Comprised of 500 units, in a complex of 26 to 50 floors
- Providing some of the following amenities:
- Wine cellar
- 24/7 security guards
- Concierge service
- Live-In Super
The most popular amenities
Some of the most popular condo amenities are:
- Indoor parking (73%)
- Bike storage (53%)
- Sauna (42%)
- Basic fitness room (37%)
- Fitness room (37%); with change room and showers (22%)
- Indoor pool (35%); outdoor pool (12%)
Stats on staff
Staff and personnel can represent a significant expense. So we asked how many corporations had the following services. Here is what our stats showed:
- Live-in super 34%
- Off site super 18%
- Full-time on site manager 16%
- 24/7 security guards 15%
- Concierge services 11%
Our survey results provided many more very interesting trends and statistics. These were shared in the form of charts and slides with those who completed the survey. It’s not too late to get your own copy of the results. All you have to do is complete our condo fee survey. To properly complete the survey, you will need to have in hand your corporation’s latest budget/audit.
If you have completed the survey but have not received the results yet, write to us and provide us with your email address and your corporation number (don’t forget the letter portion of it : TSCC 123, OCSCC 456, PSCC 789…).
Help us prepare next week’s Webinar (Wedn. 5 pm). What topic do you want covered? Take our quick one-question survey.