In this installment of our Strata 101 Series, we delve deep into the topic of Strata Fees. We will explore what they are, how we calculate them, and why they are important to your community. If you’re unsure how this guide can help you, consider the following scenario:
You are considering one of the largest purchases of your life, a condo, and your Realtor sends over the e-mail containing all the strata documents to review. Included in the swath of attachments is the Strata Maintenance Fee schedule. The figures listed give you pause, and you ask yourself “Are these fees too high or is this normal?”
Or perhaps you’ve joined your Council:
Another Strata Council meeting, and another round of discussions about the upcoming budget and the fees needed to support it. You’ve worked hard as a Council to prepare a balanced budget, but fees will need to increase. You understand the Owners’ concerns about rising strata maintenance fees, you’re an Owner after all, but you also know how important it is to plan for the future. At the upcoming AGM, you will need to highlight this importance and ease their concerns.
Our Strata 101 series aims to help you develop a deeper understanding of the governance of your community, regardless of whether or not you choose to volunteer on your Strata Council. With this enhanced knowledge, you will have the ability to actively participate in the discussions and decisions that impact your community and ultimately your investment.