Impact of Minimum Wage Increase

The increase in the minimum wage to $15 per hour in Canada has led to concerns for condo corporations and residents, who will likely face higher fees due to increased employee costs. The impact of wage increases can be softened by reducing the number of employees, but this could lead to security concerns. Condo corporations may need to rethink their approach to security, such as considering remote concierge services or relying more on technology. The increase in the minimum wage is just one of several cost pressures on condo corporations, which could result in lower surpluses or deficits for the current fiscal year.