Condo Fees in Calgary range from .25 cents per square foot up to $1.32 per square foot.
The average price per square foot for condo fees in Calgary is .62 cents.
Sixty Two Cents is the benchmark to keep in mind when looking at condos to buy in Calgary. Average should raise no red flags and would be a well-managed building. Over and under the average means there could be issues that need further study.
Condo fees from building to building have only two things in common.
Number one is condo fees go partly into a reserve fund for scheduled major expenses, and the rest pays for the day-to-day expenses of the building.
Number two is the total money needed for expenses divided by the size of the condo in portion to the overall size of the building.
If a building is 100,000 square feet and your condo is 10,000 square feet, then you pay 10% of all expenses. At the Calgary average condo fee of .62 cents, this unit would be on the hook for $620 a month.
Now that you know a bit about condo fees, you need to find out how much of your $620 a month is going out the door daily and how much is being saved for future use. There is no set rules that say what the split should be. But if most of your condo fee is going out the door daily, that is a red flag.
The deeper you dive into the financial statements concerning the operating expenses and reserve fund, the more red flags can be revealed.
Condo fees have strings attached. If you love the condo, but the financial statements reveal problems, you need to find another property.
Don’t fall in love with a condo without falling in love with the financial statements!