Condo Fee Increase – As of January 2017

Last night the Board voted unanimously to increase condo fee contributions for the 1st time in almost 10 years. Please note that as of January 2017, condo fee contributions will increase to $275/month. This increase will be split between addressing inflationary pressures within the operating expenses as well as adding to the Corporation Reserve Fund amounts so that major projects can be completed over the next 2 to 4 years, as per the new Reserve Fund Study.

It should be noted that the primary culprit as to the amount of the increase is the unexpected need to replace the entire roofing system in the complex, which was supposed to last for another 6-12 years but has now been identified as something to be completed ASAP.

 

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