The Quebec Federation of Real Estate Boards (QFREB) has released a study of condominium fees in the province. It’s the first time the federation has taken on the project.
The average condominium fee for the province as a whole is $193 per month. The Montreal Census Metropolitan Area (CMA) registered the highest condominium fees, as co-owners paid an average of $198 per month. The average was $234 on the Island of Montreal and varies between $124 and $167 in the other sectors of the Montreal area.
The Gatineau, Quebec City and Sherbrooke CMAs registered average monthly condominium fees of $195, $176 and $152, respectively, while the Trois-Rivières and Saguenay CMAs posted more affordable results at $117 and $101 per month, respectively.
In each of the CMAs examined, condominium fees were higher in buildings that were built more than 15 years ago, due to the additional expenses required for the building’s maintenance and renovations over time. For new units, average monthly condominium fees were $165 in the Montreal CMA, ranging from $181 on the Island of Montreal to $113 on the South Shore. In the Quebec City CMA, average monthly condominium fees stood at $139.
Condominium fees also vary significantly according to the type of building, says the QFREB. Large concrete buildings (four storeys or more), in addition to having better soundproofing, usually offer more services such as a swimming pool, a shared terrace, a fitness centre, elevators and indoor parking, than smaller wood buildings (usually less than four storeys), it says.
In large concrete buildings, the Montreal CMA has the highest average monthly condominium fees at $287. The Island of Montreal registered results that are above the regional average at $309 per month. The Gatineau and Quebec City CMAs followed closely with average monthly condominium fees of $286 and $235.
The federation also studied the differences in condo fees between units that are located in a concrete structure and that have an indoor parking spot, and those that do not. The largest difference was observed in the Gatineau CMA, as units with an indoor parking spot had average monthly condominium fees of $377, compared to $223 for those without a parking spot. Average condominium fees for a unit with indoor parking stood at $358 on the Island of Montreal (compared to $207) and $272 per month in the Quebec City CMA (compared to $175).
The study is based on transactions concluded between May 1, 2015 and April 30, 2016 on the real estate brokers’ Centris system.
