What is the average condo fee in Ontario and why does it vary so much?

No official source gives an average condo fee for Ontario or a typical cost per square foot, so be careful with any figure presented as official. Fees differ a great deal from one building to the next.

Your fee is your unit's share of the building's common expenses, which pay for maintaining the common elements, cleaning, building maintenance, condo management and reserve fund contributions. The declaration sets that share as a percentage, which may vary with unit size. For example, a 5% share of a $1,000 monthly budget is $50. The reserve fund is an account kept only for major repairs and replacements, and the first reserve fund study is due within the first year after registration.

Amenities, building age, which utilities are included and how much the reserve fund needs all tend to push fees up or down. A low fee is not always a good sign, because it may mean the reserve fund is underfunded, and a board can raise money later through a special assessment. Before buying, compare the budget and the latest reserve fund study for each building you are considering, and have a lawyer review them.