The study reveals that the average condo fee across the province is $193 per month (19 cents per square foot) with the Montreal CMA showing the highest rate by geographic area at $198 (20 cents).
Within the Montreal CMA, the Island of Montreal is the costliest at $234 per month (23 cents per square foot) while North Shore has the lowest monthly condo fees of $124 (12 cents per sq. ft.).
The Island of Montreal also has the highest monthly fees across the whole province while the lowest are in the Seguenay CMA at $101 but by cost per square foot Trois-Rivieres CMA is lower at 10 cents.
Construction plays a key part in condo fees with older buildings (15 years or more) usually having larger fees. Large concrete buildings have higher monthly fees than wooden condo buildings, as they often have more amenities.
Parking spots can also make a huge difference in fees and this was most noticeable in the Gatineau CMA where fees for condos in a concrete building with parking averaged $377 compared to $223 for those without parking.
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Analysis of the differing condo fees for divided units in Quebec aims to provide clarity on how much is charges and what affects those charges. The Quebec Federation of Real Estate Boards’ (QFREB) study is the first of its kind in the province.