How are Maintenance Fees Set?

How are Maintenance Fees Calculated?

Total operating Expenses PLUS a commitment of an additional contribution to Reserve ( that’s what we call  the forced savings account)  

Special assessments are extraordinary items that need to be paid for Once announced. Usually these expenses are Amortized over 3 or 4 years and offer owners a PAY it now price. Once a special Assessment has been declared even selling your unit provides no escape.

Money can be borrowed to make capital repairs and is paid for from the special assessments. The Board of Directors need to pass special By Laws to permit borrowing.

Sample budgets include;    * For discussion purposes only

			% of CEF
	Common Element Fee			1,500,000
	Interest & Other			11,400
				1,511,400
Note	Expenses:
3	Gas		4.8%	29,000
3	Electricity		17.2%	322,600
3	Sewer & Water		5.3%	59,700
3	Intercom		0.1%	2,300
4a	Cleaning Contract		6.7%	125,500
4b	Building - Exterior		1.3%	23,700
4b	Building - Public Area		0.6%	11,900
4b	Building - Flooring/carpet		0.4%	7,900
4c	Plumbing		0.4%	7,400
4c	Venting		0.8%	15,000
4c	Air Conditioning		0.7%	12,300
4c	Boiler/Furnace		0.7%	12,300
4c	Elevator		2.5%	46,000
4c	Fire & Safety		0.8%	15,000
4c	Electrical Repairs		0.1%	2,000
4c	Heat Pump		1.4%	25,700
4c	Recycling System		0.1%	2,000
4d	Grounds - Equipment		0.4%	7,300
4d	Grounds - Landscaping		0.8%	15,000
4d	Grounds - Parking Lot		0.6%	11,000
4d	Grounds - Public Lighting		0.1%	1,500
4d	Grounds - Storm Sewer		0.3%	5,000
4e	Paint - Exterior		0.0%	500
4e	Paint - Public Area		0.2%	3,000
4f	Snow Removal		0.5%	9,500
4g	Garbage Removal		0.7%	13,000
4h	Recreation		0.2%	3,000
4i	Janitorial Supplies		0.1%	2,000
4i	Pest Control		0.1%	1,000
5	Staff Salaries/Benefits		0.0%	0
5	Office Expense		0.3%	5,000
5	Communications		0.3%	5,000
5	Interest and Bank Charges		0.1%	1,500
6	Security		16.6%	311,000
7	Management Fee		5.4%	101,800
	Insurance		1.5%	28,300
8	Professional Fees		0.8%	15,000
9	Reverve Fund - Assessements Repair and Replacement		28.0%	500,000
			100.71%	1,511,400
	Surplus (deficit)			$            69.00
	working subtotals			1,500,000

Contribution to Reserve Fund is calculated by an inspection of the Building by Professional Engineers. This report is called a Performance Audit. The receipt of this report calculates the Remaining Economic Life of each building component. The result of this, is the Cash Flow Reserve Fund Study which explains when things will need to be replaced as they wear out and what monies should be on hand.

Reserve Fund Studies will be conducted every 5 years in accordance with the Condominium Act.   Condo Act 1998    This is now being updated with the New and Improved condo act that is pending approval.  Details here  

If you are considering a condo; ask questions.  Understand its a lifestyle and community that you are purchasing.

Humber Bay  and Toronto West Condo's?   Love to hear from you.

Why are we waiting for the Status Certificate?

Casa Condominium Toronto

You negotiated your offer on the property; based on other units that have recently sold and the ones that you have seen.  We know you have financing available to a certain level.   Now we are waiting through the 10 day period for the Condo Management Office to provide us with the status Certificate and Bundle.

It is available from some in print and other via Conduit online. The lawyers that I work with request an original Status Certificate with a Corporate Seal.   It is imperative that Corporate Seal and an original Signature are there.


Your bundle of documents that we are waiting for includes;

• Condo Declarations
• ByLaws
• Rules and Regulation
• Statement of valid Insurance
• Most recent Audited Financial Statements

The Status Certificate itself declares; 

• No Special assessments are contemplated
• Current reserve status  <<  Do we have money or not
• What the maintenance fee is
• Correct parking 
• Correct locker
• Correct unit descriptions
• Are the condo fees currently up to date?
• % of Owner vs Tenanted in the building
• Long Term plans for financial Capital Spending.

Once a Buyer has these in their hands they can make an intelligent decision about whether they want this building or not.  If you have a HUGE bill coming, why would you buy in?  10 day cooling off period does not apply to resale units.  NO TAKE BACKS

The condition is contained in the contract [Agreement of Purchase and Resale Condominium] for this reason for an additional 5 days once we receive the "bundle", with your lawyer.

Then we remove your condition and you have a firm and binding agreement.

Ready to buy a condo?  Lets go!

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NXT 103 - 105 The Queensway Fall 2013

NXT Condominiums are located at 103 and 105 The Queensway, southeast corner of Windermere Ave and The Queensway. Built and designed by Cresford Development Corporation, furnished by Fendi Casa, and architecturally constructed by Alliance. Modern, livable glamour is an everyday essential at NXT, one of Cresford’s most stylish and sought-after residential properties in Toronto’s Swansea Village. 

Serving up dramatic views of Lake Ontario, High Park and downtown Toronto, NXT and its sister pillar, NXT 2, feature the cutting-edge design of Peter Clewes from Canada’s award-winning firm, architectsAlliance. A breathtaking glass pavilion connects this stunning new 29-storey tower of glass and steel to its upcoming sister residence. But NXT also connects every homeowner to the world around them with beautiful, wrap-around suite balconies and floor-to-ceiling windows that let city dwellers breathe in this condo’s unique city vibe.  There are 18 suites per floor.

NXT’s elaborate amenities include a state of the art fitness centre with sauna, indoor and outdoor pools, theatre and outdoor tennis court, just to name a few. That posh vibe is pumped up even further by an exquisite water garden, an outdoor courtyard, and a spacious glass walkway between the two buildings that offers spectacular views of NXT’s organically landscaped grounds.

Three years ago this was summarized as  NXT AT WINDERMERE BY THE LAKE: Southeast corner of Windermere Ave. and The Queensway. Builder: Cresford Developments. A 29-storey, 457-unit glass building. Prices: from $188,900 for 450 sq. ft. to about $600,000 for 1,144 sq. ft. Fees: 42 cents per sq. ft., plus heat and hydro Amenities: indoor/outdoor pool, party room, outdoor tennis courts, gym, and 24-hour concierge. Sales: 50 per cent sold. Status: starting this fall. Occupancy: 2010; nxtcondos.com.  

Have they lived up to their promises?

With 18 suites per floor the maintenance fee  is an actual $ 0.54 cents per square foot. Not at all unreasonable when compared with other communities.  An updated summary list is available for you here. Be informed when we are shopping.

Unmatched location near High Park, Sunnyside Beach and facing 3 transit routes to go Inner city...  I love Humber Bay Shore 

Need Info    Call me

The Location Should be Secret 1926 Lake Shore

Photo Cred; Urban Toronto

It should be kept a secret because these towers that are situated at the foot of Windermere and Lake Shore, Carterra, Windermere by the Lake, NXT and Park Lake Residences are all on the East side of the Humber River Bridge.

You know that traffic bottleneck at the QEW and Lake Shore? But these buildings are all on their own traffic signals and easily access Lake Shore Boulevard with a 10 minute Drive to Union Station. 

Looking through the renderings the building will have an internal traffic roundabout with exits to Lake Shore Blvd., and Windermere.

backgroundfile-57846 by David Pylyp

The renderings describe the redevelopment of [Four Points by Sheraton] 1926 Lake Shore Boulevard West with two residential towers of 42 and 48 stories connected by a 4 storey podium. The proposed development would contain 847 residential units and have a floor area of over 78,600 m2, representing an FSI of 17.6 times the lot area.

Floor Plans are not yet available but I can assume they will be out shortly.

Ideal Location along the Western Beaches....

What do you think?