When Bonnie Jones bought her first condo five years ago, she thought aside from her mortgage and taxes, the $1,000 in monthly maintenance fees would cover all other costs associated with her condo... unit.
That’s why she was shocked to get a special assessment to pay an additional $40,000 to replace her windows.
“I have until next week to come up with $40,000 plus legal fees and interest or they are going to sell my condo unit,” Jones said.
When you own a condominium, the common expenses are shared by all owners which is usually covered by monthly maintenance fees, but in the event your building needs a major repair like new elevators, a boiler or replacing balconies, you could have to pay additional costs which is referred to as a “special assessment.”
RELATED STORIES
Aging condos in Ontario will need expensive repairs in the future, report finds
Ontario condo owners furious after being hit with $20,000 special assessment view more