Will fees for amenities, maintenance and extras quoted at the sales centre change once a condo buyer moves in? Real estate agent Tracey Logan (highparkrealestate.com) offers some insight.
Typically, in the first two or three years of a new condo's life, fees rise by up to 25 per cent each year. Keep in mind that when the operating budget is put together, it isn't based on the actual building (naturally, as it hasn't been built yet). Developers make an educated guess based on other buildings in the area. Once the condo is up and running, fees may rise if the cost of maintenance has been underestimated.