All condo fees will increase with new HST
By David Pylyp
(RE/MAX Realty Specialists Inc.,)
dpylyp "Next year at this time, the Ontario government - the same government that still maintains rent controls - will raise monthly maintenance fees for all condominium owners by between 5 per cent and 8 per cent.Renters will face rent hikes based on operating costs for their buildings. Those increases will vary but could be in the $25-a-month range for a downtown one-bedroom suite.Owners of older condos may face an even greater hike to top up their building's reserve fund if major work such as replacing a roof is slated for the near future.At the same time, developers of projects with suites already sold but not yet occupied are scurrying to their lawyers. Their concern is an 8-per-cent hike in monthly maintenance fees may trigger the "material change" clause in purchase agreements a...