What Are Condo Fees, and Do I Have to Pay Them?
Whether you’re looking to make the leap to condo living, or you’re simply adding a property to pad your investments, purchasing and owning a condo is a slightly different ball game than owning a house. As most people are aware, condos come attached with monthly fees on top of the mortgage payment. So, the million-dollar question remains: What exactly are condo fees, and do I actually need to pay them?
What do condo fees cover?
From collecting garbage to fixing heating and cooling systems to shovelling the snow, condo fees cover the cost of all the utilities and maintenance fees required to successfully run your building. On top of these weekly or monthly chores, the condo fees also cover larger building repairs or renovations by way of a reserve fund, which saves a percentage of your monthly fees in a pool kept for pricey, unexpected issues.
Another thing to consider is that condo fees are also dependent on the value of your specific space. So, for instance, if you go with the penthouse suite—a great choice—you will incur the highest percentage of fees. Which is fine, because you also have the most to gain from your investment in the long run. If you feel you want something on the larger end, but you don’t care too much for views or location, you can opt for a less prime area and, in return, be gifted a lower cost for condo fees.
Do I have to pay for them?
Condo Fees Toronto – Oakville – Mississauga
The quickest answer to this question is yes. You must always pay for condo fees. When you invest in a condo instead of a home, you are joining a community and a shared environment. Therefore, you are every bit as responsible for sharing in the maintenance and operation of the building as everyone else. And, because of this, it’s a wonderful idea to go through a trusted real estate agent who can ensure that all fees are accounted for in your initial buying budget. This way, when you find that perfect condo you want to move into immediately, you aren’t met with an onslaught of unexpected payments.
Condo fees protect your investment
Many people think of condo fees as a burden, but in fact they are an investment in the value of your property. A great condo association will ensure that fees cover not only the daily tasks of living, but also consistent and proper upkeep of the entire building. This will not only maintain the value of your condo, but of the building as a whole. And it will also attract the best future buyers.
In some cases, they can even regulate how people renovate their spaces, ensuring that everyone keeps a visually appealing unit that can positively affect the overall appearance of the building. All of these elements drive the value of your condo up, ensuring that your investment stays valuable.
How much are condo fees in the GTA?
As of February 2019, Oakville had the highest resale value of condos in the GTA, coupled with the highest number of active and new listings. In the GTA area, condo fees cost between $0.50 to $1.00 per square foot, with Toronto being the highest at an average of $0.64. Oakville’s range fluctuates around this rate as well, which isn’t surprising given the many things it has to offer—a quieter way of life, spectacular views, and all the amenities you could need.
Hamilton is another up-and-coming area which is seeing spikes in the cost of living due to increasing outside interest in local real estate. The range here is a bit broader as it’s a city that’s in transition in many ways. However, it’s also highly established with many green spaces. It also hosts numerous cultural events and offers great entertainment.
In order to assess what your condo fees might be in the area of your choice, you need to consider a few key factors: age of the building, amenities, building size and, in some cases, status. This will give you a rough idea of the condo cost plus the added fees—on top of what your rate of return might be when you go to sell.
Condos offer easy living, and condo fees are just part of the process
Today, people are looking to downsize for retirement, easy living, or just to save money due to rising costs in the area. They offer so many wonderful things that a house doesn’t, including a great community, possibly a gym and party area within the building, and the hiring of property caretakers that remove the burden of upkeep. The resale value is high, increasing the value of the investment, and seeing as we live in a fast-paced, expensive world, making strong investments just makes life that much sweeter.
So, if you’re considering purchasing a condo, don’t shy away because of condo fees. Condo fees are a necessary part of ensuring your quality of life goes up, along with your hard-earned investment. The key is to always do your research. Know the location, check the state of the building, and hire someone to help you through the process.
Alex Irish & Associates are a Oakville’s renowned, real estate agency. Call today and they’ll get you on the path to greener pastures, in finances and in life!
Related Posts
August 2025 GTA Real Estate Market Update | Regan Irish
The August 2025 GTA Real Estate Market Update reflects renewed momentum and affordability in Toronto, Oakville, Mississauga, Burlington, and Muskoka. Thanks to steady interest rates and appealing home prices, July proved surprisingly dynamic. Let’s dig into the numbers and what they mean for you.
Interest Rates Remain Stable — Affordability Fueling Activity
In July 2025, the Bank of Canada maintained its key rate at 2.75%, its third consecutive pause. With lower borrowing costs now more accessible, affordability is encouraging a wave of renewed buyer activity.
GTA Market Overview: Sales Surge, Prices Slightly Dip
- Home Sales: 6,100+ transactions region-wide, marking a 10.9% increase YoY and the strongest July since 2021.
- Month-over-Month: Seasonally adjusted sales rose 13% from June to approximately 5,744 units, the biggest monthly gain in nine months.
- New Listings: Up 5.7% YoY, totaling 17,613 new offers.
- Price Trends:
- The MLS® Home Price Index (HPI) Composite Benchmark fell 5.4% YoY.
- The average GTA selling price dropped 5.5% YoY to around $1,051,719.
- Word on the street indicates the HPI drifted slightly lower—about $979,000, down 0.2% from June.
What It Adds Up To: Buyers are back in force—sales are outpacing new listings while prices softened, creating renewed market opportunities.
City Highlights
Toronto
A more balanced landscape—but some segments remain soft. Condos and detached homes see inventory rising; semis are steadier.
Oakville, Mississauga, Burlington & Muskoka
While TRREB doesn’t break down by city in these reports, regional trends suggest:
- Mississauga & Burlington: Strong rise in listings and dipping average prices give buyers leverage.
- Oakville: Stability in demand for luxury keeps discounts modest.
- Muskoka: Continued strong interest in sub-$2M waterfront properties should benefit from broader GTA momentum.
What This Means for You
- For Buyers:
Renewed affordability, rising inventory, and favorable interest rates make August a prime time to move. - For Sellers:
A more balanced market—strategic pricing and quick response will be key to success. - For Investors & Cottage Buyers:
Strong July sales in the GTA point to increasing investor interest; Muskoka remains a high-value lifestyle and investment destination.
Work With the GTA Real Estate Experts
Whether you’re planning to buy a Muskoka cottage, invest in a luxurious Oakville property, or explore options across Toronto, Mississauga, or Burlington, now is the time to act.
Regan Irish & Associates specializes in luxury, resale, and investment properties across the GTA and Muskoka. Our market insight and negotiation skills help you get the best results—whether buying, selling, or investing.
1320 Cornwall Rd Unit 103, Oakville, ON L6J 7W5
905.842.7677
Visit reganirish.com
Let’s make today’s market your opportunity—contact us today!
Ultimate Guide to Downsizing Your Home in Canada
Alex Irish & Associates and The Regan Team Announce Strategic Merger
Two of the most respected names in real estate, Alex Irish & Associates and The Regan Team, are excited to announce a strategic merger that will combine their expertise, resources, and market reach. This partnership of Regan Irish & Associates brings together the strengths of both firms, offering an enhanced real estate experience for clients across Southern Ontario, including expanding into new regions like Collingwood and Muskoka. The merger reflects both brokerages’ long-standing commitment to providing high-quality, relationship-focused service while leveraging new technologies and business strategies to ensure their clients receive unparalleled support.
“Alex is the consummate professional,” said Matthew Regan, CEO of The Regan Team. “She embodies the qualities of a person I would trust with my own home sale, and I am excited to partner with her to combine the best of both our brokerages. Our goal is to create a work culture that allows our agents to thrive, while being confident and equipped to provide the service our clients deserve. Our clients are going to benefit immensely with a wider and deeper net of potential buyers and an even further reach in marketing and advertising.”
Alex Irish, Founder of Alex Irish & Associates, emphasized that this partnership is the next natural step for her business. “By combining our resources and efforts we knew we’d be able to create a better real estate experience for our clients, our agents and business partners.” she explained. “This merger allows me to focus more on client relationships while also mentoring our agents who can continue to offer that same high level of service. Matthew has built a business model that aligns with my long-term vision, allowing us to scale while still maintaining the personal touch. Simply put, we are better together.”
Alex has built her brand over decades, particularly in the Oakville area, where her name is synonymous with excellence in real estate. Her personal approach, based on referrals and repeat business, has earned her a loyal clientele. Matthew has focused on recruiting top agents and scaling his business, growing The Regan Team to one of the top brokerages in Canada. This merger offers an exciting opportunity to grow into new territories. Together, the merged brokerage will have 15 offices spanning from Niagara to Toronto to Muskoka. This expanded presence means more resources for clients, from enhanced marketing capabilities to a wider net of potential buyers.
The merger will officially take effect on October 31, 2024, and the new branding and operations will be rolled out in the coming months.
About Alex Irish & Associates
Alex Irish & Associates, led by Alex Irish, is a highly respected name in Oakville, known for its personalized, referral-based business model and long-standing relationships with clients. Alex has built her brand on trust, excellence, and attention to detail, qualities that will remain at the forefront of the merged firm.
About The Regan Team
The Regan Team has a long-standing reputation for innovation, process-driven operations, and a focus on agent recruitment and development to provide the highest level of service for their clients. Under Matthew’s leadership, the brokerage has expanded its presence across Ontario, providing agents with the tools and support needed to succeed in a competitive market. For more information on this exciting merger, please contact Matthew Regan.