What are Strata Fees and how are they determined?
Strata Fees, better known as condominium maintenance fees, are calculated per square foot and paid, on a monthly basis by your owner’s corporation manager (out of each quarter shares corporation fee). They include your suite’s portion of the costs for common water, sewer, snow removal, garbage removal, landscaping, building and property maintenance, building and on-site insurance and on-site management. It will be the responsibility of The Property Manager to ensure all of this work is done and, in return, the owner’s corporation manager will pay a monthly fee for these services. Annual budgets are submitted at every Strata Association Annual General Meeting for approval and are assessed equitably to each owner based upon the respective residence type purchased (per sq. ft.).
