The Quebec Federation of Real Estate Boards (QFREB) has unveiled results to the first-ever study on how condo fees of divided condominium units differ between census metropolitan areas (CMAs) and depending on the year of construction and the type of building.
The average monthly condominium fees for the entire province was determined to be $193 per month. Montreal’s CMA registered the highest condo fees at $198 per month on average. This is spread across several areas: on the Island of Montreal, co-owners pay an average of $234 per month, while in other regions of Montreal, that figure falls to between $124 and $167 on average. In Gatineau, Quebec City and Sherbrooke, the average monthly condominium fees sat at $195, $176 and $152, respectively, while the regions of Trois-Rivieres and Saguenay had the lowest numbers in the province, at $117 and $101 per month.
In every CMA examined in the province, condominium fees were higher in buildings that were constructed over 15 years ago due to the extra expenses required for the property’s maintenance and renovation over time. In new units, the average monthly condo fees fell to an average of $165 in Montreal, while in Quebec City, condo fees for recently-built properties sat at $139 per month on average.
The study also analyzed how the construction materials of the building impacted monthly condo fees. Larger concrete buildings that stand four storeys or higher tend to offer more amenities than smaller wood buildings, which are usually four storeys and under. These amenities include swimming pools, shared terraces, fitness centres, elevators and indoor parking. Among concrete buildings, condo fees jumped to an average of $287 in the Montreal CMA, with the Island of Montreal posting a figure above the regional average at $309 per month. The Gatineau and Quebec City regions also had higher fees in concrete buildings, with averages that sat at $286 and $235, respectively.
The availability of indoor parking also impacted average condominium fees. Residences in Gatineau sold with an indoor parking spot had the highest average condominium fees at $377 per month, compared to $223 for units sold without indoor parking. The Island of Montreal also posted a large difference between units sold with and without parking spots, with average fees sitting at $358 and $207, respectively. In Quebec City, the discrepancy was not as large, with costs ranging from $272 in units sold with parking and $175 for units sold without.
To read the entire study, please visit http://www.fciq.ca/pdf/mot_economiste/me_062016_en.pdf.