- The Québec Federation of Real Estate Boards Unveils its Study -
L'ÎLE-DES-SŒURS, QC, June 29, 2016 /CNW Telbec/ - The Québec Federation of Real Estate Boards (QFREB) has examined, for the first time ever, the condo fees of divided condominium units in the different metropolitan areas of the province,1 in order to determine average condominium fees and the elements that have an influence on these fees, such as the year of construction and the type of building.
Average Condominium Fees by CMA2
The average condominium fees for the province as a whole stood at $193 per month. Geographically, the Montréal Census Metropolitan Area (CMA) registered the highest condominium fees, as co-owners paid an average of $198 per month (Table 1: Monthly condominium fees by geographic area). This result climbs to $234 on the Island of Montréal and varies between $124 and $167 in the other sectors of the Montréal area. The Gatineau, Québec 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.
Condominium Fees according to Year of Construction
In each of the CMAs examined, condominium fees were higher in buildings that were built more than 15 years ago, certainly due to the additional expenses required for the building's maintenance and renovation over time (Table 3: Monthly condominium fees according to year of construction). For new units, average monthly condominium fees were $165 in the Montréal CMA, ranging from $181 on the Island of Montréal to $113 on the South Shore. In the Québec City CMA, average monthly condominium fees stood at $139.
Significant Difference Between Concrete and Wood Buildings
Condominium fees also vary significantly according to the type of building. Large concrete buildings (four storeys or more), in addition to having better soundproofing, usually offer more services than smaller wood buildings (usually less than four storeys), such as a swimming pool, a shared terrace, a fitness centre, elevators, indoor parking, etc.
As for large concrete buildings, the Montréal CMA has the highest average monthly condominium fees at $287 (Table 2: Monthly condominium fees according to building structure). Not surprisingly, the Island of Montréal registered results that are above the regional average at $309 per month. The Gatineau and Québec City CMAs followed closely with average monthly condominium fees of $286 and $235.
How Much for an Indoor Parking Spot?
We 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 (Table 4: Monthly condominium fees of condos sold with or without an indoor parking spot). 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 Montréal (compared to $207) and $272 per month in the Québec City CMA (compared to $175).
About the Québec Federation of Real Estate Boards
The Québec Federation of Real Estate Boards is a non-profit organization composed of Québec's 12 real estate boards and the nearly 13,000 real estate brokers who are their members. Its mission is to support Québec's real estate boards in order to defend, protect and promote the interests of real estate brokers through the provision of services in the areas of professional practices, public affairs and market analysis. The QFREB is guided by an approach that is centred on collaboration and resource sharing.
For more information, please read the QFREB's study on condominium fees.
1 This study is based on transactions concluded between May 1, 2015, and April 30, 2016, on the real estate brokers' Centris® system.
2 Centris® defines condominium fees as the costs necessary for the administration, maintenance and common areas of a condominium building and that are owed by the co-owners to the syndicate.
SOURCE Fédération des chambres immobilières du Québec
For further information: Jacynthe Alain, Assistant Manager, Communications and Public Relations, Québec Federation of Real Estate Boards, Tel.: 514-647-8249, [email protected]