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01 June 2010
First-time purchasers of condominium units are often shocked after a year of living in their unit to get a notice of a suhstantial condominium fee increase for the next year. Why does this happen? The increase for the second fiscal year of their new condominium corporation can be attrihuted primarily to two budget items: utilities and the reserve fund contribution.
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07 May 2010
Condominiums have recently become the dominant form of housing in Toronto. Condo living attracts many types of buyers, who are trying this lifestyle for the first time, including singles, young couples, families, empty nesters or retirees. They each have individual expectations of what condominium living will be like. The owner of a 500-square-foot unit wants different things than the owner of a 2,000-sq.-ft. unit in the same building. The retiree's expectation differs from the investor who has rented out his unit. The dog owner's view of the common elements differs from a condo owner's without a pet. The owner of a more expensive unit may want a concierge and valet parking, while someone with a smaller unit may feel such services are unnecessary.