Could high strata fees affect the resale of your condo?

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VANCOUVER (NEWS1130) – Could monthly maintenance fees turn your condo into a “con-don’t” when you try to sell it again?

In Toronto, owners are paying $590 on average for a 1,000 square foot unit, and critics worry the value of those homes could take a serious hit.

But Tony Gioventu with the Condo Owners Association of BC says fees are not the biggest obstacle to resale.

“What’s more critical is do we have the right amount of money so that we can properly maintain our building’s but there is no indication that higher fees have an impact on real estate prices,” he explains. “What affects property value are buildings that are not well maintained that suddenly cost great amounts of money that is going to have a greater impact on the property value than anything else.”

He adds you should also factor in what those maintenance fees pay for; often they cover not only heat and hot water, but also extras like cable TV.

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