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Condo Fees See Double Digit Increase in 2021

Author: 
Toronto Condo News
Publication date:
January 24, 2022
Article Summary: 

Condo fees are expected to increase significantly in 2021, with many owners paying in excess of $1,000 more annually. This is due to rising costs of energy, management services, contracts, wage increases, and unforeseen expenses related to COVID. Additionally, the Champlain Towers South building collapse in Florida and climate change have further increased costs. The pandemic has caused many to spend more time at home, leading to increased wear and tear on the building and higher insurance costs. Communities that keep condo fees too low risk having to pay these costs in addition to higher insurance costs.

Keywords: 

condo fees, double-digit increase, 2021, rising costs, inflation, operating costs, maintenance expenses, insurance premiums, COVID-19 pandemic, financial planning, budgeting, transparent communication, cost-saving measures, energy-efficient upgrades, professional guidance, condo communities.

Source Citation: 
Toronto Condo News
Condo Fees See Double Digit Increase in 2021
January 24, 2022
https://tocondonews.com/archives/condo-fees-see-double-digit-increase-in-2021/
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