Buying a condo is exciting, but one cost often surprises buyers: condo fees. I’m Josh Tagg, a mortgage broker here in Alberta, and I want to explain what these fees are and how they affect your budget.

What Are Condo Fees?

Condo fees are mandatory monthly payments every condo owner makes. They’re separate from your mortgage and property taxes and help operate and maintain the building or complex.

What Do Condo Fees Cover?

Condo fees usually cover:

• Common area maintenance such as hallways, elevators, lobbies, snow removal, and landscaping
• Utilities for shared spaces (and sometimes certain unit utilities)
• Building insurance for the structure and common property
• Property management services
• Contributions to the reserve fund for major future repairs like roofs, windows, or elevators

Every building is different, but the goal is the same: protect your investment and keep the property running well.

What Condo Fees Don’t Cover

Condo fees do not include:

• Your mortgage payments
• Property taxes
• Personal utilities if separately metered
• Your personal condo insurance (contents and liability)

These costs need to be budgeted separately.

How Much Are Condo Fees in Alberta?

There’s no fixed amount. Fees vary depending on:

• Location and building type (high-rises often cost more than low-rise buildings)
• Amenities such as gyms, pools, and concierge services
• The age of the building and level of services provided

Generally, more amenities and services mean higher fees.

Who Sets Condo Fees?

In Alberta, the condominium corporation’s board sets the fees. Each year, they create a budget to cover operating costs and future repairs. Your share is based on your unit’s ownership portion in the building.

How Condo Fees Affect Your Mortgage

When I arrange mortgage pre-approvals, condo fees are included in your gross debt service (GDS) ratio along with your mortgage payment and property taxes. Higher condo fees can reduce how much you qualify for, so it’s important to understand them early.

Final Thoughts on Condo Fees in Alberta

Condo fees are not optional — they’re part of condo ownership. They help maintain the property and ensure long-term financial stability through proper budgeting and reserve planning. Before buying, make sure you understand exactly what the fees cover and how they fit into your monthly budget.

If you have questions about condo fees and how they affect your mortgage approval or buying power, I’m here to help. Let’s walk through the numbers together.