Condo fees sometimes cost-prohibitive for Calgarians
While affordable mortgage rates in Calgary are enabling many people to buy a property inexpensively, individuals who are looking to purchase a condo sometimes run into financial trouble due to condominium fees.
According to a recent poll conducted by Environics Research Group, which surveyed Calgarians who have or are looking to purchase a condo, 41 percent of respondents said they would need to look for a new place if their fees were to increase.
To prepare for fees that may come unexpectedly, mortgage specialist Jessy Bilodeau offers some suggestions.
"You can prepare for a fee increase by building a buffer into your monthly housing budget," said Bilodeau. "That way if fees go up, it won't be a major shock to your cash flow. If they don't increase, you have extra money to put aside in savings or towards your mortgage."
The poll also looked at what Calgarians thought were the most important aspects of a condo before purchasing one. The top vote-getters included good building security, low condo fees, a balcony, energy-efficient building features and attractive interior design.
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