Condominium fees, levied on all unit owners proportionate to their interest in the property, cover the common expenses, which include:
• routine maintenance to the exterior of the units and all common areas
• roadway snow removal
• landscaping maintenance and repairs
• insurance for common elements and the buildings, including "as built" interiors in major damage situations
• legal, audit and property management services
The condominium fee also includes an allocation to the Corporation's reserve fund. The reserve fund covers major expenditures related to maintaining the safety, appearance and investment value of our property. The Condominium Act of Ontario requires each condominium corporation to engage a professional engineer to assess the property assets (common elements), to determine when repairs and replacements will be needed and estimate what they will cost. This is called a Reserve Fund Study; the Directors are responsible for ensuring it is kept up to date.
Owners pay for their own hydro, telephone, heat, and television cable or satellite services, as well as the municipal taxes assessed on the unit. Insurance for upgrades, contents and liability is the owner's responsibility; "condo packages" are available.