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Condos in Edmonton: All About Condo Fees.

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Often, condos are praised for their affordability compared to traditional homes. They are seen as a great option for young people looking to get on the property ladder or retirees that don’t want to maintain an entire house. At face value, condos boast better prices. However, once you dig past the surface, you might find that condo fees are the catch. Condo fees are monthly dues that condo owners must pay in addition to their mortgage payments. In general, condo fees cover the maintenance of common areas in the building. This might mean, landscaping, window washing, snow removal, pool maintenance, etc. If you’re curious about the fees associated with condos in Edmonton, continue reading this article.

Below, I will go over the basics of condo fees in Edmonton!

How do Fees get Calculated for Condos in Edmonton?

Usually, condo fees are calculated as a percentage of the total amount of maintenance required for the building. Annual maintenance costs and additional money for the reserves will comprise the condo fee. The reserve fund is set aside for any unexpected expenses or long-term repairs like redoing the roof. Finding a building with a healthy reserve fund is always ideal when searching for a condo. All of these costs are managed by a condo board that oversees the budget and tracks annual maintenance expenses. 

Typically, the amount that you contribute is calculated based on the value of your unit. To provide an example, Sterling Homes writes that “if there were 100 condos of equal value in the building, each condo owner would be responsible for one percent of the total annual charge, divided into 12 monthly payments.” Obviously, not all condos in a building will be of equal value because of size, amenities, view, etc. So, when you purchase a condo, you can expect that the more valuable your unit, the more expensive your condo fees will be. Be sure to inquire about condo fees prior to purchasing a unit. 

Condo Fees Aren’t Set in Stone

A diligent condo board will maintain an organized budget and follow it. However, depending on the age of the condo the reserve fund might be sparse. In this case, any unexpected costs that cannot be covered by the base condo fee will require a “special assessment”. A special assessment must be paid by all owners. 

Although, special assessments can happen whether there is enough money in the reserve or not. For example, if the board uses all of the money in the reserve to repaint the interior and then the elevator breaks, you and all other occupants are on the hook to cover the cost of the repair. 

For newer buildings, you will generally have to pay a greater condo fee at the start to help build up the reserve fund. Contrastively, you will have more special assessments. 

Average Fees and What to Consider

Condo fees vary immensely from building to building. And, it is almost impossible to give an average because the range is so large. Some condo fees may be at the low end of $200-300 per month. Whereas, others may be closer to $1000. While you search for the right home for you, be sure to factor in this expense. A high condo fee can sometimes equate to being the same or more expensive than owning a single-family home. 

Before you sign anything, make sure you understand what is covered by each condo fee. Take a close look at the fine print and ensure that you aren’t paying for a ton of amenities that you aren’t going to use. For example, if your building has a pool, but you hate public swimming, you might resent paying for the upkeep each month. Especially, if/when something breaks. In general, you want to be sure that your condo fee covers the important stuff. For example, landscaping, heat and water, insurance for the structure, security as needed, reserve fund contributions, etc. Looking into condo fees is essential in preventing yourself from being hit with a bunch of surprise fees. 

Contact Me About Condos in Edmonton

Contact me today to learn more about the fees associated with owning condos in Edmonton. For more information on selling or buying condos, contact me today. I’d be happy to answer any questions you have about how to achieve your real estate goals. Feel free to reach out to me at any time! Be sure to check back next month for more real estate-related information. I look forward to working with you in the near future. 

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Owner’s Rights of Condos in Downtown Edmonton

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Buying a condo and buying a house are two very different things. While the process of buying may be similar, the differences in living are apparent. Condos and homes both come with their pros and cons. If you’ve decided that owning a condo is right for you, it is important to consider your rights as an owner of condos in Downtown Edmonton. In this article, I will be answering your most commonly asked questions about owning a condo. For instance, what do you actually own? What’s the difference between a condo and an apartment? And, are there benefits to condo ownership? Follow along below to learn more about this topic.

Differences Between Condos in Downtown Edmonton and Apartments.

Condos and apartments share many similarities. However, the biggest difference lies in ownership. Generally speaking, an apartment is owned by a leasing company that will lease out units. On the flip side, condo units are owned by individual condo owners. Thus, as a person looking for a home, you can: a) rent an apartment unit, b) rent a condo unit from a condo owner or c) buy a condo unit and become a condo owner. 

Those who rent an apartment will generally have a managing company that oversees everything to do with the apartment building. However, if you rent a condo, your landlord will be the condo owner. This can result in frequent check-ins, and delayed problem-solving. Especially, if your landlord has never managed a property before. On the contrary, if you own a condo, you don’t have to worry about landlords or management companies. 

In general, condos and apartments both have companies that deal with exterior maintenance. However, apartments also have companies who manage the interior. This means that you have less freedom and control over your apartment. But, it also means that an apartment is less maintenance than a condo. 

What do I Own When I Buy a Condo?

Before you buy a condo, it is important to determine if you are buying a conventional condo or a bare-land condo. A conventional condo means that buyers own everything inside their property based on the boundaries set in the bylaws and rules. Moreover, owners of conventional condos share ownership of the land with all other investors in the condo complex. 

Differently, bare-land condos allow buyers to purchase the plot of land on which the property is built. This usually means that bare land condos cost more. Although, for owners who want control of the exterior and interior of their property, a bare-land condo is ideal. Bare-land condo owners can modify their landscaping, and change up the exterior of their units. As well as, make changes to the interior. 

Both conventional and bare land condos share one common feature: common spaces. Typically, common spaces like sidewalks, parking garages, games rooms, and fitness centers will be maintained by a separate company. This maintenance is usually paid for through fees collected from the unit owners. Furthermore, amenities such as balconies, private parking spaces, and patios are usually considered exclusive-use common spaces. Thus, they are owned by the community association.

If you aren’t sure what kind of condo you are buying, be sure to figure this out. Ask your real estate agent for further clarification on what areas are exclusive and what areas are common. It is important to know everything about your condo before you make the decision to buy!

Why Own a Condo?

Owning a condo comes with a host of benefits. Whether you choose to buy a conventional or bare-land condo, your freedoms are plentiful compared to living in an apartment. In addition, condo units go up for sale in a number of different price ranges. This means you can find affordable units or luxury ones! 

Moreover, you won’t have to worry about much outdoor maintenance. This gives you the freedom to spend your time how you’d like! Further to this, most condo buildings offer several amenities that you wouldn’t otherwise have access to. For instance, fitness centres, security, games rooms, gated boundaries and more. 

Lastly, owning a condo means that you can live in a centrally located area like Downtown Edmonton! Unlike other property types that allow ownership, condos are generally available in all areas of a city – from rural to ultra-urban!

Contact me today to learn more about owning condos in Downtown Edmonton. For more information on selling or buying condos, contact me today. I’d be happy to answer any questions you have about how to achieve your real estate goals. Feel free to reach out to me at any time! Be sure to check back next month for more real estate-related information. I look forward to working with you in the near future. 

Real Estate in Downtown Edmonton

Why Choose Real Estate in Downtown Edmonton?

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Real estate in Downtown Edmonton is an exciting place to call home. Edmonton’s downtown core is diverse in many aspects. Homeowners of real estate in Downtown Edmonton can enjoy the superb nightlife, great restaurants, new architecture, and plenty of greenspaces! Living in Edmonton’s downtown core provides you with endless opportunities for work and pleasure. If you love being in the city, downtown is the place for you. Follow along below to discover why you should choose to live in Downtown Edmonton. 

Amenities are Abundant With Real Estate in Downtown Edmonton!

Living downtown means that you have access to some of the best amenities in all of Edmonton! Owning real estate in this area provides you with the chance to experience all of Edmonton’s finest culinary hotspots and funkiest cafes. There are over 300 restaurants and 50 coffee shops in this neighbourhood. In addition, benign downtown means that you are in the center of all of the action. Want to see a hockey game? Head over to Rogers Place. Want to watch a concert? Walk over to the Edmonton Convention Centre. Looking for a great Sunday activity? Go to the Art Gallery of Alberta. Great food and entertainment are right outside of your door with a home in downtown Edmonton.

Furthermore, Downtown Edmonton has plenty of gyms and fitness centres to make sure you stay on track with your fitness goals. There is also an abundance of grocery stores, pharmacies and shopping so you can get your essentials without going far from home. Families will also be happy to know that there are schools within walking distance of most real estate in the area. Including post-secondary options like MacEwan University. 

Awesome Access to Transportation and Great Location.

Residing in Downtown Edmonton provides you with great transportation options. Instead of relying on a car for your commute, you can walk, bike, or bus anywhere you need. In fact, we recommend using your car as little as possible when living downtown. On a busy day, it can be much more efficient to ditch your car. There are several bus routes that take residents in and out of the city at your convenience. In addition, there are bike paths and large sidewalks to make getting from A to B as easy as possible. 

Moreover, living downtown will drastically shorten your commute. This means less time in the car and more time doing what you love. You will also save money on gas because you won’t need to drive as far. The walkability of downtown is unmatched by any other Edmonton neighbourhood. 

Growing Economy and Great Community.

Edmonton has seen major growth in its economy over the last few years, making it an appealing place to settle down. The future in Edmonton is bright, with many new citizens making the move from across Canada. The unemployment rate is steadily decreasing as more and more jobs are being created. By 2023 the unemployment rate is predicted to fall to 5.3%! Economic growth is said to continue throughout the next few years as more people immigrate to Canada from other countries.

Downtown also boasts a great sense of community. The diverse range of cultures makes downtown the neighbourhood that it is. Plenty of events are always on the go in Downtown Edmonton! This makes it easy to meet new people and explore all that the city has to offer. 

Small Price for Big City Living.

Compared to other major cities in Canada, Downtown Edmonton is one of the most affordable cities to live in. Big city living usually comes with a large price tag, however, Edmonton’s real estate downtown is relatively cheap. In May of 2022, the average selling price for a single-family home in downtown Edmonton was $499k. By comparison, real estate somewhere like Downtown Vancouver would be well into the million-dollar range. If you are looking to live in a big city for a low price, Edmonton is the place to buy. 

Contact Me About Real Estate in Downtown Edmonton Today!

Real estate Downtown Edmonton has so much to offer to its residents. From an abundance of amenities to a great bang for your buck, downtown is the perfect place to move! Contact me today to learn more about all of the perks of living in Downtown Edmonton. For more information, feel free to reach out with any questions or concerns you have about living in the area. Be sure to check back next month for more real estate-related content! I look forward to working with you in the near future!