@mortgages_by_paras: Thinking about buying a condo? Don’t just look at the purchase price — your monthly maintenance fees can significantly impact your affordability. As a Mortgage Agent (Level 2), here’s what I always explain to my clients: 📊 Healthy range (rule of thumb): ✔️ Around $0.75 – $0.85 per sq. ft. is generally considered reasonable ✔️ Example: A 700 sq. ft. condo ≈ $595/month ⚠️ Too high? * Over $1 per sq. ft. may be expensive (depends on amenities) * Could still be justified if it includes gym, pool, utilities, security, etc. 🚨 Too low? Be careful: * Might mean underfunded reserve fund * Higher risk of future special assessments * Unexpected repair costs for owners 🏗️ What your fees usually cover: * Building maintenance & repairs * Insurance for common areas * Utilities (in some buildings) * Security, cleaning & management * Reserve fund for long-term repairs 💡 Golden rule: Low fees aren’t always a win — and high fees aren’t always bad. What matters is the financial health of the building. 📌 Always review the status certificate before buying — it tells the real story behind the numbers. 💬 If you’re planning to buy a condo in Ontario, I can help you break down the real monthly cost (not just mortgage + price). #firsttimehomebuyer #mortgagetips #canada #mortgageagent #realestatecanada

Paras Mehta

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Region: CA

Sunday 19 July 2026 04:49:01 GMT