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Jason Thomas BCom
Royal Lepage Summit Realty
2611 Ellwood Dr S.W., Edmonton, Alberta
P: 780.499.5696
F: 780.431.1600

Monday, April 22, 2013 - Edmonton Condo Special Assessments

Edmonton Condo Special Assessments

Another concern that buyers have about condos is the potential of special assessments or levies.   A special assessment is a way that the condo pays for a repair that needs to be done in the near future when the reserve fund is too low.  In another post I said that it is very rare to see the condo fee drop.  The only time I've seen a drop in condo fees is when a special assessment that was being paid on a monthly basis was finally paid off and then lapsed.    For example, say the fee is $500 per month and the building needs a new boiler.  The reserve fund would be depleted if they used funds from the reserve fund to pay for the boiler.   So, instead of using the reserve fund or doing a one time fee of a special assessment, the condo board decides to have each unit pay their share of the cost of the boiler over 2 or 3 years.  So, as a result the condo fees of $500 will go up $400 per month for two years to $900 per month.  After the two years the condo fee drops back down to the $500 range.   The advantage to the condominium owner is that they don't have to come up with $4800 immediately and many condo boards decide on this as a less "painful" route. 
So that in a nutshell, is the word on Edmonton condo special assessments.

posted in Edmonton Real Estate Market Reports by Neighbourhood at Mon, 22 Apr 2013 19:50:10 +0000



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