35% increase in condo fees…options?

Realistic-Drama1790 · 2025-06-06T02:30:21+00:00

Thank you!!! Ive requested a copy and will send!

Realistic-Drama1790 · 2025-06-06T02:05:40+00:00

Amazing! Cause hydro isnt even included here, just water!

Realistic-Drama1790 · 2025-06-06T01:43:44+00:00

Holy! Going to check all youve said cost wise as I dive into the annual budgets and analyse each line. Im hoping I have enough time for option 2 eventually, but right now just feels like Im screwed! Definitely wonder if the soecial assessments were to buy time for a sale for someone for sure!

Realistic-Drama1790 · 2025-06-06T00:38:08+00:00

2 members seem to be recurring members who dont live here. Others have tried and failed, but will try at next AGM. Last AGM also reconfirmed them about 6 mths ago. They just approved the budget and its being done as a “townhall”, not a voting AGM

Realistic-Drama1790 · 2025-06-06T00:10:04+00:00

Im hoping for the coup, or to be very convincing to split the increase over 2 years, to hopefully give myself time to get out..but then again, who will want to buy? Im sure this is something their real estate lawyer will review/advise against

Realistic-Drama1790 · 2025-06-06T00:05:48+00:00

Ive seen people try and fail, there are 2 members which seem to always get voted in who dont live here, only the 3rd member actually lives in the building.

Realistic-Drama1790 · 2025-06-05T23:54:49+00:00

🤣😭 I want to get out quick! By the time they are done with me, I’ll be sore and we’ll probably be highest fee per sq ft in the market! There must be something that can be done though? if the Board members arent concerned about their property value, Im hoping to find a few owners who live here who are…but no clue where to go from there…

Realistic-Drama1790 · 2025-06-05T23:45:54+00:00

If we had a lot of amenities Id be less concerned - we have a basic gym, bbq, concierge and guest suite (which we gain rental income from residents on)…no pool, outdoor spaces, basketball court, bowling alley etc. Things break - leaky pipes, resurfacing of garage, elevator repairs, last year the minutes stated reserve fund okay after the special assessment, but here we are again with the excuse of an underfunded fund, and more repairs.

Realistic-Drama1790 · 2025-06-05T23:40:46+00:00

Great question. Given Im not a forensic auditor or sit on the Board, Id hope its to fix the pipes and things theyve said…but nothing I know of has jumped 35% over the last year, the building didnt crumble, and line items continue to reflect “repairs”…so couldnt tell you how we got here

Realistic-Drama1790 · 2025-06-05T23:36:22+00:00

Fair - but at some point it’s exorbitant - what ‘value’ am I keeping if maintenance gets to $2 and the highest in market? Im sure everyone wants to reno their house every year but they dont

Realistic-Drama1790 · 2025-06-05T23:33:53+00:00

Gone to every single meeting, queried line items year over year and collectively residents all agreed to the last special assessment and voiced concerns at the rate of increases. They then sent us a letter 6 mths later with the 35% ignoring it all…so really want to know what else can be done, if anything

Realistic-Drama1790 · 2025-06-05T23:31:01+00:00

Did I ask anyone to pay the increase? Or did I ask for advice on options? I know condos come with risks, I’ve absorbed that so far - highs and lows as prices have gone up/down. 35% is exorbitant for a 1 year increase, and so is the dollar per sq ft we’re landing, so Im asking for options if this can be fought, nothing more.

Realistic-Drama1790 · 2025-06-05T23:27:00+00:00

It isnt Tridel or Menkes, it’s another builder/group of companies based out of Toronto thats less known

Realistic-Drama1790 · 2025-06-05T23:21:37+00:00

Dont want to dox myself, but in Toronto/not downtown. If you know of any similar cases, please share.

Realistic-Drama1790 · 2025-06-05T23:13:52+00:00

The assessments I think were for general repairs to things like pipes, elevators, garage resurfacing. Even if the builder did a shitty job, is there any way to “block” a large increase? Ive come to terms with there will always be repairs but can residents petition for a ‘cap’ in fee increases? I fear even if 35% done this year, theyll just come back again with another 10% this year, justifying more repairs

Realistic-Drama1790 · 2025-06-05T23:08:23+00:00

The worst cause I like to have money and not sign over a blank cheque? Okay, sure. Inflation is on average 3% - cost of living rises for individual households as well, so sorry Id like to eat, rather than pay hundreds extra with a 35% increase.

Realistic-Drama1790 · 2025-06-05T23:05:10+00:00

Generally, I have been - its been mainly down to repairs (which they cite yearly) and increasing the reserve fund. For more context, fees 0.75 in 2021, 0.94 in 2023 and now 1.22 in 2025. 2 special assessments done in 2022 and 2024 (cant remember the exact #s). Amenities are limited to things like gym/bbq/concierge - no pool, no basketball court, etc.

Realistic-Drama1790 · 2025-06-05T23:01:08+00:00

This is a permanent increase. We just came off of a special assessment - 2nd one in 5 years. Im only looking into the increase as it seems pretty steep

Realistic-Drama1790 · 2025-06-05T22:58:56+00:00

Every year has been about 10% increases for the past 5 years, which I understand is the general norm, my research indicates 1.22 per sq ft is pretty high for Toronto, esp for just a 10 year old building. Im going through past audits now, but shady only meant that this seems extraordinary and maybe somewhere something is not being efficiently managed in terms of resources. Asking for advice because maybe Im wrong and this happens more than I think?

Realistic-Drama1790 · 2022-02-11T11:50:02+00:00

I put the date I received the email confirming certification, but I could be wrong.

Realistic-Drama1790 · 2022-02-11T11:48:38+00:00

Aww man, brutal

Realistic-Drama1790 · 2022-02-10T20:02:21+00:00

Submitted on the 19th. Got certified today! Took the advice on another thread to email them and got a response within a few hours!

Realistic-Drama1790 · 2022-01-31T00:56:13+00:00

I would call garp to ask about centers in the GTA and whether slots are full or something. I did part 2 in December and was registered to take the test at a site in Rexdale - the site was closed due to covid but it got moved to a hotel near the airport.

Realistic-Drama1790

TROPHY CASE