Condo Fees in Canada: What They Cover and How They Affect Your Mortgage
Condo fees decide more than your monthly budget. Lenders count half of them against your income, and a thin reserve fund can turn into a special assessment.
- Rules checked November 2, 2026
- By Krish Paul
- 6 min read
On this page
- The short answer
- What condo fees pay for
- How condo fees change what you can borrow
- The reserve fund is the number to check
- Special assessments: the cost the fee does not show
- Low fees are not always good news
- Documents to read before you buy
- How to check a condo’s fees before you make an offer
- Frequently asked questions
This guide covers what fees pay for, how they change the mortgage you qualify for, and the documents to read before you buy in Ontario or British Columbia.
The short answer
Condo fees pay for the building’s shared parts, its reserve fund and services like cleaning and management. When you apply for a mortgage, lenders count 50% of the fee as a housing cost, so a $400 monthly fee means you need about $6,154 more in gross yearly income to qualify for the same mortgage.
That figure comes from the CMHC qualifying guideline that housing costs should not exceed 39% of gross household income. Fees also carry a second risk: special assessments, which can arrive on top of the monthly fee when the reserve fund falls short.
What condo fees pay for
The Condominium Authority of Ontario describes condo fees, also called common expenses or maintenance fees, as money “used for maintaining the condo corporation’s common elements, contributions to the reserve fund, and paying for important services such as cleaning, building maintenance and condo management services.”
Your share is not an even split. The corporation’s declaration sets each unit’s proportion as a percentage, and it can vary with the size of the unit. Two owners on the same floor can pay different fees.
What is usually extra
- Special assessments: one-time charges added to your fees when the budget falls short.
- Chargebacks: costs the corporation adds to one owner’s fees, for example to repair damage that started in that unit.
- Amenity fees: the CMHC lists amenity fees such as storage, a pool or extra parking when they are not in the common expenses.
- Utilities you meter yourself: some buildings include heat or water in the fee and some do not. Ask.
How condo fees change what you can borrow
The CMHC guideline counts your mortgage payment, property taxes, heating and 50% of applicable condominium fees as housing costs, and says they should not exceed 39% of gross household income. Your total debt load, including car loans and cards, should not exceed 44%. Lenders can apply stricter limits.
So every dollar of monthly fee adds 50 cents to your qualifying costs. The table shows the extra gross income needed to carry that cost at the 39% limit, compared with an identical home that has no fee.
| Monthly condo fee | Counted by lender | Extra yearly income needed |
|---|---|---|
| $250 | $125 | $3,846 |
| $400 | $200 | $6,154 |
| $550 | $275 | $8,462 |
| $700 | $350 | $10,769 |
| $900 | $450 | $13,846 |
Hypothetical comparison with an otherwise identical home. Calculated as half the fee x 12 / 0.39, then re-checked by comparing the income needed for $3,000 a month in housing costs with and without the fee.
The reserve fund is the number to check
A reserve fund is money set aside for major repairs and replacements, such as a roof, elevators or a parking garage. In Ontario, the CAO explains that corporations must complete a full reserve fund study within the first year after the condo is registered, then updated studies at least every three years.
After a study, the board must review it within 120 days and propose a funding plan, send owners a notice within 15 days, and put the plan in place 30 days after sending it. A plan that raises contributions usually means higher fees.
British Columbia uses a contingency reserve fund for common expenses that happen less than once a year, and special levies for extra costs.
Special assessments: the cost the fee does not show
The CAO defines a special assessment as “an extra one-time charge added to the owners’ common expenses fees” to cover a budget shortfall. It also says boards can charge one without getting permission from owners, and that not paying leads to a lien against your unit.
Common causes are unexpected repairs, years of under-budgeting and lawsuits. Low fees can be a warning sign rather than a bargain if the reserve fund is thin.
Low fees are not always good news
- Compare the fee with the reserve fundA building that keeps fees low by under-funding its reserve can hit owners with a large special assessment later.
- Look at recent fee increasesAsk how much fees rose in each of the last few years and why.
- Ask what the next big repair isRoofs, windows, elevators and garages are the usual large bills.
Documents to read before you buy
Ontario: the status certificate
Anyone can request one. The CAO says corporations can charge up to $100 including taxes and must provide it within 10 days. It includes the current budget, the last audited financial statements, a statement on the reserve fund study and the state of the reserve fund, the unit’s fees and any arrears, any fee increase and the reason, special assessments charged since the current budget, the insurance certificate, and any outstanding judgments or lawsuits.
British Columbia: Form B
The Form B Information Certificate must be provided within 7 days of a request, for up to $35 plus up to 25 cents per page for copies. It shows the monthly strata fees, money the owner owes, any approved special levy, any expected budget overrun, the contingency reserve fund balance, legal proceedings and an insurance summary. The current budget and the most recent depreciation report are attached.
How to check a condo’s fees before you make an offer
- Get the fee and what it includes. Confirm whether heat, water, hydro, parking and a locker are in the fee or extra.
- Run the qualifying math. Add half the fee to your housing costs and test it in our mortgage payment calculator.
- Make the offer conditional on the documents. Give your lawyer time to review the status certificate or Form B.
- Read the reserve fund study. The CMHC resale condo checklist suggests asking your experts to verify there is enough in the reserve fund for major repairs.
- Ask about special assessments. Find out whether any are planned, what for, how much and when they are due.
Comparing a condo with a freehold home? Our guide to the types of houses in Canada shows which types usually carry fees, and freehold vs condo townhouse compares the two most common townhouse options.
Frequently asked questions
What do condo fees cover in Canada?
Condo fees, also called common expenses or maintenance fees, pay for maintaining the common elements, contributions to the reserve fund, and services such as cleaning, building maintenance and condo management. What is included varies by building, so check the budget.
How do condo fees affect mortgage approval?
Lenders count 50% of your condo fees as a housing cost, along with your mortgage payment, property taxes and heating. Under CMHC guidelines those costs should not exceed 39% of gross household income, so higher fees lower the mortgage you can qualify for.
How much more income do I need for a condo with fees?
Roughly the yearly half-fee divided by 0.39. A $400 monthly fee adds $200 a month, or $2,400 a year, to your housing costs, which takes about $6,154 more in gross yearly income to cover at the 39% limit.
Can a condo board charge a special assessment without a vote?
In Ontario, the Condominium Authority of Ontario says boards can charge a special assessment through common expense fees without getting permission from owners. Owners must pay their share, or the corporation can register a lien against the unit.
What is a status certificate and how much does it cost?
In Ontario, a status certificate is a package from the condo corporation with its governing documents, budget, audited statements, reserve fund status and whether the unit owes fees. Corporations can charge up to $100 including taxes and must provide it within 10 days.
What is the BC equivalent of a status certificate?
In British Columbia it is the Form B Information Certificate. The strata corporation must provide it within 7 days of a request and can charge up to $35 plus up to 25 cents per page for copies.
- Sources, checked November 2, 2026: CAO: Common expenses (modified 2026-04-06); CAO: Reserve funds (modified 2026-06-19); CAO: Special assessments (modified 2026-04-23); CAO: Status certificates (modified 2026-08-12); Government of BC: Form B Information Certificate (published September 1, 2026); Government of BC: Strata finances and insurance (published July 23, 2025); CMHC: General requirements for homeowner mortgage loan insurance (published 2020-06-05); CMHC: Condominium purchase and recurring costs (published 2018-03-31); CMHC: Checklist for buying a resale condominium (published 2018-03-31).
- Method: Extra income figures were calculated by script from the CMHC 39% housing cost guideline and the 50% condo fee rule, and re-checked a second way. The fee levels are examples, not market averages.
Important: This guide is general information, not financial, legal or real estate advice. Condo rules differ by province, and lenders can apply stricter limits than the CMHC guidelines. Gizly is not affiliated with the CMHC, the CAO or the Government of British Columbia. See our affiliate disclosure.
Keep reading
Compare before you switch
Rates and offers checked against each bank’s own page.
Send it to a friend, a family member or a coworker with the same question. It takes one tap.
How this page was made: Gizly uses AI tools to help research and draft its guides. Krish Paul, the editor, is responsible for what Gizly publishes. Spot an error? Tell us and we will fix it.
