Condo Fee Overview

When purchasing a condo, you will have to pay a mandatory, non-negotiable monthly fee that covers a wide range of expenses. Generally, condo fees (also known as strata or maintenance fees) will partially cover your utilities, contribute to the Condominium Corporation's reserve fund, and cover the costs for regular maintenance and repairs. Simply put, your fees are based on two things: 1) the annual Operating Budget and 2) the requirements for the Reserve Fund. Specific details with respect to our current Operating Budget and Reserve Fund Study and Report can be accessed by clicking on the secured Member's-only "Condo Documents" section found on the left-hand side of this website. This will only be visible and accessible if you have an approved account AND you are logged in.

Condominium fees are due on the first of each month. It is important to pay the condominium fees on time as they cover the operating and reserve fund costs of the Condominium Corporation as shown in the annual Operating Budget and the Reserve Fund Plan.

Operating Budget

One thing that is always included in your condo fees is the basic maintenance and operation of your building's common areas. These expenses are detailed in the annual Operating Budget. The Operating Budget includes interior/exterior cleaning, trash removal, snow removal, landscaping, repairs/maintenance, insurance, utilities, etc.

Reserve Fund Study/Report/Plan

A Reserve Fund Study and Report is completed by the Corporation at least every five years (as mandated by the Alberta Condominium Property Act and Regulations, and this information is used to create both a 30-year Reserve Fund Plan and a 5-year Reserve Fund Plan. The Reserve Fund Plan sets budgets and fees that will ensure appropriate funds are set aside for future longer-term major capital expenses. Additionally, the fund acts as an emergency savings account for the building and covers replacement and unexpected repairs as needed. Our first Reserve Fund Study and Report was approved in February 2022. Updated annually, our 5-Year Reserve Fund Plan will be shared with all Owners prior to each AGM.

Unit Factors - The Basics

Every condominium corporation is divided into 10,000 Unit Factors (UF) regardless of their size or type. The UF distribution is calculated by the developer with the creation of the condominium plan, the original document that registers the condominium. This allocation represents each Owner’s share of the common expenses of the condominium. There is no prescribed mathematical formula for determining each unit’s UF; however, they are typically based on square footage. Other factors such as preferential location within a complex or building can result in more UF for one unit over another of similar size.

Every year the Board is responsible to review their common expenses and create a budget for the next fiscal year. Once the budget is approved, each Owner is allocated a portion of the expenses based on their unit factor allocation unless the bylaws specify another method of calculation. Fees are typically calculated annually and paid monthly.