The Truth about the Condo Fees


IMPORTANT INFORMATION ABOUT CONDO FEES:

The following excerpt is taken from a report by the Québec Federation of Real Estate Boards (QFREB) entitled “Current Portrait of Condo Fees in Québec”.  A PDF version of the report can be found online:  
English:  http://www.fciq.ca/pdf/mot_economiste/me_062016_en.pdf
French:  http://www.fciq.ca/pdf/mot_economiste/me_062016.pdf

Conclusion

Although high condominium fees can sometimes raise eyebrows among potential buyers, it’s important to ensure the fees are adapted to the condition of the building and the work that will need to be performed in the coming years. One worrying fact in particular did emerge from the survey on condominium reserve funds in Québec(4): 49 percent of condominium syndicates did not use any kind of planning tool to assess how much money needs to be paid to the reserve fund. Moreover, 67 percent of condominium syndicates had a reserve fund balance of less than 1 percent of the insurable value of the building. It goes without saying that the QFREB encourages sound management and adequate financing of buildings to ensure the continued financial health of condominiums in Québec. Thus, the QFREB expressly stresses the fact that the condominium fees presented in this study are a reflection of the current state of the market but do not necessarily represent amounts that are sufficient to meet the needs of reserve funds, considering the survey results.
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(4) Survey conducted jointly in September 2015 by the Québec Federation of Real Estate Boards (QFREB), the Regroupement des gestionnaires et copropriétaires du Québec (RGCQ) and the Association des professionnels de la construction et de l’habitation du Québec (APCHQ).

SAMUEL DE CHAMPLAIN CONDO FEES
 
The beautiful and historic Samuel de Champlain condo building provides many amenities that other condos do not offer. The pool can be used year-round unlike the pools placed on roofs in newer buildings. The gym has been recently refreshed and upgraded with new equipment. In fact, the entire Sport Centre area of the building has been given an update, making it even more desirable.

Some amenities paid for by condo fees / Les services payés par les frais de condo

The condo association is proactive, working hard to prevent the dreaded “special assessments”. The condo fees cover the yearly maintenance as well as ongoing projects like redoing the roof, sealing the outdoor parking area, and repairing/preserving the building's exterior.  Knowing that the building is being cared for and well maintained gives owners peace of mind.  (NOTE:  Please read important information about condo fees below.) 

The condo is priced to sell with the lowered price point accommodating the higher condo fees.  Anyone who buys a condo in the Samuel de Champlain building will not only have a lovely place to call home but a community of neighbors to call friends.  This special oasis in Verdun is being sold simply because of a work relocation to Vancouver.

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