Resources
Common Element Fees and Total Housing Costs Estimating Tool
This tool helps you estimate future condo fees by projecting reserve contributions, operating budget increases, and your unit’s share of expenses. It uses data from the condo’s financial documents, such as the budget and Reserve Fund Study, typically included with a Status Certificate or provided to owners by the condo board or management company. Whether you’re a current owner or a prospective buyer, this calculator offers a reasonable projection of potential costs to help you plan for the future. Please note that these estimates are for informational purposes and may change based on board decisions and market conditions.
Condo Fees Estimator
Mortgage Calculator
(Please flip horizontally in mobile devices)Notes and Instructions
Current Year – Enter the fiscal year-end for the condo corporation. You can find this information in the condo’s budget. Enter only the year (e.g., 2024) without including the month or date.
For instance, if the budget says for fiscal year from May 1, 2024 – April 30, 2025, your fiscal year-end is 2025.
Current Reserve Contributions – This value can be found in the most recent Notice of Future Funding of the Reserve Fund (NOFF or former Form 15), which is provided to you as the unit owner or through a Status Certificate request as a prospective buyer. Look for the Annual Contribution amount in the current fiscal year and enter that in the required field.
Current Total Annual Budget – You can find the total annual budget in the condo’s budget document.
- Look for a summary section in the budget labeled Common Fee Income or Total Budget.
- The total budget includes all operating costs (repairs, maintenance, utilities, etc.) and reserve fund contributions. Ensure you use the figure for the entire condo corporation, not just your unit.
- Be sure not to include any miscellaneous revenue items as they are not contributed by owners.
Current Monthly Fees – Enter the unit’s current monthly fees.
Reserve Contribution Annual Percentage Increases for the Next 5 Years (required) – These percentage values can also be obtained from the NOFF in the most recent Reserve Fund Study (RFS). Year 1 corresponds to the upcoming fiscal year (e.g., if the current year is 2025, Year 1 would correspond to 2026 in the NOFF for Reserve Contribution increases).
Custom OB Increase (%) (Optional) – This field allows you to specify custom assumptions for Operating Budget (OB) increases each year.
- The Operating Budget is calculated as:
- Operating Budget = Total Budget − Reserve Contributions.
- Enter the assumed percentage increase for operating costs (e.g., 5% or 3.5%) for each year. These increases account for potential changes in expenses like:
- Repairs and Maintenance
- Utilities
- Contracted Services
- Insurance
- Administrative Costs
- If these fields are left blank, the default 4% annual increase will be applied.
Tip: Use this feature to explore different operating budget scenarios and see how they might impact your fees.
The form calculates automatically as required data are provided by the user.
Results Table
The results table will display:
- Projected Monthly Fees: Estimated monthly fees for each of the next 5 years.
- Projected Percentage Increase: Year-over-year percentage increase for each year.
I’ve added a mortgage calculator to assist you in estimating your monthly payments. By entering details such as the purchase price, interest rate, and optional costs like property taxes, insurance, and utilities, you can view a comprehensive table of your total housing expenses. This tool is designed to help both current owners and prospective buyers plan for future costs. Please note that these estimates are for informational purposes and may change based on board decisions and market conditions. Also note that other costs such as Land Transfer tax and closing costs have not been taken into account in the above calculations.
Disclaimer
While these estimates provide a reasonable approximation of future fees, they are for informational purposes only. Always consult with your condominium board or property management for the most accurate and up-to-date information.
The calculations assume a 4% annual increase in the operating budget unless overridden by your custom input. These projections do not account for potential special assessments or unforeseen expenses, which are determined by the condo board and unexpected events.
Keep in mind that the Reserve Fund Study is updated every three years, as required by law, which means the reserve contribution numbers are subject to change starting in Year 4 and beyond from the last study. These changes could be minimal, but they could also be significant depending on economic conditions, such as inflation, interest rates, or unexpected repair costs. For the most accurate results, it is recommended to rerun these calculations at least every three years, or whenever there is a significant change in the condo’s financial situation, as determined by the condo board’s guidance or new financial documents. Staying up-to-date ensures you are accounting for the latest financial realities and future projections.
Condo Corporation Important Dates Calculator
The following section is designed to help condo owners stay informed about key dates and deadlines related to their condominium corporation’s fiscal year-end. By entering the fiscal year-end date, the tool calculates important compliance dates, including the deadlines for the First Quarter Periodic Information Certificate (PIC 1), Third Quarter Periodic Information Certificate (PIC 2), the annual budget, the last day to hold the Annual General Meeting (AGM), and the deadlines for the Preliminary Notice and Notice of AGM. The tool adjusts for weekends and statutory holidays to ensure accurate timelines. This ensures that owners are aware of when to expect critical documents and meetings, helping them stay engaged and informed about their condo corporation’s operations.
Notes
Fiscal Year-End Date
Select the end date of the fiscal year that just ended. If you are not sure of the fiscal year-end for your condo, look up any of the budgets or AGM notices you have received from the condo corporation or call management.
First Quarter Periodic Information Certificate (PIC 1)
PIC 1 is a document that condo boards must send to owners within 60 days after the end of the first quarter of the fiscal year. It provides updates on the condo’s board members, finances, insurance, reserve fund, and legal matters. This ensures transparency and keeps owners informed about the corporation’s status.
Third Quarter Periodic Information Certificate (PIC 2)
Similar to PIC 1, PIC 2 is sent within 60 days after the end of the third quarter of the fiscal year. It updates owners on the same key areas—board members, finances, insurance, reserve fund, and legal matters—maintaining open communication between the corporation and owners.
Annual General Meeting (AGM)
The AGM is a yearly meeting held within six months after the fiscal year ends. It’s a crucial event where the board reports on the condo’s financial health and discusses important issues. Owners can ask questions, provide input, and participate in decisions affecting the community. Attending the AGM allows owners to stay informed and engaged with their investment.
Notices Related to the AGM
- Preliminary Notice of AGM: Sent to owners at least 20 days before the official Notice of Meeting, this notice informs owners about the upcoming AGM and invites them to submit agenda items or nominations for board positions. Note that the date is selected tentatively and may be subject to change.
- Notice of AGM: Sent at least 15 days before the AGM, this notice provides the date, time, location, and agenda of the meeting, along with relevant documents. Unlike the date set in the preliminary notice, the date provided with the official Notice of AGM cannot be changed.
Documents Included with the AGM Notice
- Audited Financial Statements: A detailed review of the condo’s financial activities over the past year, ensuring accuracy and accountability.
- Previous AGM Minutes: A record of discussions and decisions from the last AGM, providing continuity and context for ongoing matters. The minutes will need to be approved by the owners at the upcoming AGM.
- Board Candidate Information: Details about individuals running for election to the board, helping owners make informed voting decisions.
- Proposed Amendments: Information on any suggested changes to existing governing documents or introductions of new ones, allowing owners to consider and vote on these matters.
- Proposed Changes to the Common Elements:
The Budget
The budget is the condo’s financial plan for the upcoming year. It outlines expected income and expenses, including maintenance, repairs, and reserve fund contributions. Understanding the budget is vital for owners, as it directly impacts condo fees and the financial health of the corporation. Owners should review the budget to ensure funds are allocated appropriately and to anticipate any changes in fees.
The Association of Condominium Managers of Ontario
The Association of Condominium Managers of Ontario (ACMO) is a professional organization in Ontario, Canada, dedicated to supporting and enhancing the condominium management profession. It represents the interests of condominium managers and firms, providing education, certification, and advocacy services. ACMO works to maintain high standards of practice in the industry, ensuring that managers are well-equipped with the knowledge and skills necessary to effectively manage condominium properties. They offer resources, professional development opportunities, and networking events to their members, aiming to foster a community of well-informed and skilled professionals who can adeptly handle the unique challenges of condominium management.
Condominium Authority of Ontario, Buyer’s Guide
Ontario’s Condominium Buyer’s Guide,” provided by the Condo Authority of Ontario, serves as a comprehensive resource for individuals considering purchasing a condominium in Ontario. This guide covers key aspects of condo ownership, including the unique elements of condo living, the responsibilities and rights of condo owners, and important considerations to make before making a purchase. It aims to equip potential buyers with the necessary knowledge and insights to make informed decisions in the condo market. The guide is an essential tool for understanding the intricacies of condominium ownership and management in Ontario.
Owner’s Meeting Guide
The “Electronic Owners’ Meeting Guide” provided by the Condo Authority of Ontario is a resource for conducting condominium owners’ meetings electronically. Published in October 2023, this guide offers comprehensive instructions and best practices for organizing and executing virtual meetings. It includes details on legal requirements, technological considerations, and procedural steps to ensure effective and compliant electronic meetings. The guide is particularly useful for condo boards and managers adapting to digital platforms for their governance processes.
CAO’s Condo Calendar App
The Condo Authority of Ontario’s Condo Calendar Tool is a resource for condominium corporations to easily track their legal obligations and deadlines, such as sending AGM notices and information certificates. The calendar is specific to each condo corporation, based on the information provided in their returns and notices of change. This tool aids in maintaining compliance with legal requirements and helps in the efficient management of condo corporation responsibilities.
Condominium Act 1998 and its Regulations
The Condominium Act, 1998 (S.O. 1998, c. 19) of Ontario, Canada is a key piece of legislation governing condominiums in Ontario. It outlines the legal framework for the creation, ownership, and management of condominiums. The Act covers various aspects such as the responsibilities and rights of condo owners, the role and obligations of condo boards, and the management of condo properties. It is an essential legal reference for anyone involved in condominium management, ownership, or considering purchasing a condo in Ontario.
Condominium Management Services Act and its Regulations
The Protecting Condominium Owners Act, 2015 (Bill 106) of Ontario, Canada amends the Condominium Act, 1998, and introduces significant changes to enhance protection for condominium owners. It includes provisions for more transparent governance, better financial management, mandatory licensing and education requirements for condominium managers, and the establishment of two new administrative authorities to improve dispute resolution and oversight in the condominium sector. This Act represents a major step in updating and improving the legal framework governing condominiums in Ontario.
Condominium Management Regulatory Authority of Ontario
The Condominium Management Regulatory Authority of Ontario (CMRAO) website provides information about the regulation and licensing of condominium managers and management companies in Ontario. It includes details on their mandate, legislation, consumer protection, and licensing processes. The site also offers resources for condo owners, managers, and boards, emphasizing compliance with ethical standards and legal requirements in condominium management. Additionally, it features a public registry and newsroom for up-to-date information and developments in the sector.
Issues and Solutions Related to Condo Living
The “Issues & Dispute Resolution” section on the Condominium Authority of Ontario’s website provides guidance for understanding and resolving common condominium living issues. It introduces the Condo Authority Tribunal, which offers a three-stage resolution process for disputes that can’t be resolved collaboratively. The site covers various topics like noise, records, pets, and smoke issues, and provides tools, templates, and information for addressing these issues effectively. It’s a resource for condo communities seeking quick and cost-effective dispute resolution.
Canadian Condominium Institute
The Canadian Condominium Institute (CCI) is a national, independent, non-profit organization providing education, information, awareness, and access to expertise by and for its members. Geared primarily towards condominium directors, owners, and professionals, the CCI aims to promote the interests of groups involved in condominiums across Canada. The website features resources, upcoming events, educational materials, and information about various chapters of the CCI across the country, making it a valuable resource for those involved in the condominium community.
Tarion Warranty Corporation
Tarion is an organization that ensures buyers of new homes in Ontario receive the coverage they are entitled to under their builder’s warranty. The website provides information for various stakeholders including buyers and current owners of new homes, condominium corporations, and builders. It offers details on buyer protection, coverage and claims processes, updates, and news about the Ontario new home warranty program. Tarion’s resources are aimed at strengthening consumer protection in the new home market.