How are Condo Fees calculated

When we start a new development, we work with the property manager to create a budget based on an estimate of the operating expenses of the corporation for the first years activities. The estimate is based on their years of experience running similar multifamily projects in the Winnipeg area. We create this budget to try and ensure that we’re setting up the condominium community for long term success, which includes an amount that is contributed to a reserve fund, which is a nest egg to ensure the corporation can pay for future repairs.

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