Don't get burned by killer condo fees

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Condominiums are a popular choice for many Canadian home buyers. In this video, the Globe and Mail's Rob Carrick discusses condo fees with real estate lawyer Denise Lash. The pair talk about what buyers should look for before signing on that dotted line.

Most first year condo fees are prepared by the developer and should be guaranteed. Buyers should carefully check the second year budget to ensure the fees don't take a substantial jump. The most common reason fees rise in the second year is fees that are omitted from the first year and intended to be passed on to the second year.

Another contributing factor for condo fee increases is a special assessment. Lash encourages condo buyers to review the status certificate with the real estate lawyer before purchase to see if the condo board is contemplating a special assessment.

For more information, talk to your Ottawa Mortgage Broker.