For many GTA buyers, condos are the gateway to homeownership, but a silent budget-killer is lurking in the fine print: rising condo fees. Data reveals that these fees grew at a compound annual rate of 8.6 per cent from 2010 to 2023, far outpacing inflation. This isn’t just a minor line item—it drastically impacts your mortgage eligibility. Because lenders include 50 per cent of these fees when calculating your debt-service ratios, a standard $800 monthly fee can slash your total purchasing power by nearly 13 per cent. Mortgage strategist Robert McLister warns that buyers must treat status certificates like forensic accountants, as low fees in older buildings often mask underfunded reserves. Before you sign, ensure you aren’t walking into a financial ambush. Read the full analysis at the Financial Post to learn how to protect your investment from these compounding costs.
Source: Read the original article
