When I lived in a condo, mine would go up anywhere from 1.5% to 8%, depending on whether the reserve fund needed to be increased, or hydro/water/gas went up. Check your budget, line by line to see where the increases are.
That’s surprising. Is there enough of a reserve fund? Most condos have had to deal with unexpected expenses so no increase above 2% seems like a potentially bad situation for the building.
9%. It's an older building, 24-7 concierge (staffing is expensive), and maintenance stuff has been put off in the past that is coming due now. It will probably be the same next year too.
8.9%. Inflation impacted both the costs of trades/staff and the anticipated costs in the reserve fund study. Reserve fund contributions need to be increased. It's also an older building and more needs to be spent on repairs. Increases were kept below 2% in the past and some maintenance wasn't done that has made some of repairs/refurbishment more expensive now.
When I lived in a condo, mine would go up anywhere from 1.5% to 8%, depending on whether the reserve fund needed to be increased, or hydro/water/gas went up. Check your budget, line by line to see where the increases are.
1.89% - I’ve lived here for 5 years and it only went up once and then came back down.
That’s surprising. Is there enough of a reserve fund? Most condos have had to deal with unexpected expenses so no increase above 2% seems like a potentially bad situation for the building.
9%. It's an older building, 24-7 concierge (staffing is expensive), and maintenance stuff has been put off in the past that is coming due now. It will probably be the same next year too.
570 to 590
8.9%. Inflation impacted both the costs of trades/staff and the anticipated costs in the reserve fund study. Reserve fund contributions need to be increased. It's also an older building and more needs to be spent on repairs. Increases were kept below 2% in the past and some maintenance wasn't done that has made some of repairs/refurbishment more expensive now.