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Condominium Fees

Condominium fees pay the common expenses, which include various utilities, part of your insurance, maintenance of the common areas, building envelope and mechanical systems and the contribution to the reserve fund. The fees, due by the first day of each month, can be paid by bank debit (preauthorized payments arranged through the property management company) or by a series of post-dated cheques payable to O.C.S.C.C. No. 795 and sent to our property management company.  

 

By-law No. 1, Article 11.4  allows the Corporation to charge interest compounded monthly on arrears of condo fee payments. In addition the Condominium Act gives the Corporation a lien on an owner’s unit upon the owner’s default on his or her monthly condo fee payment. The lien covers not only the unpaid common expenses but all interest, legal costs and Corporation’s expenses incurred with the collection of the unpaid amounts. The Condominium Corporation also charges an administration fee in the amount of $25.00 (subject to change) for returned cheques.