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View Poll Results: 2020 condo fee increases compared to 2019?

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  • 2020 fees lower than 2019

    0 0%
  • No change

    10 19.61%
  • 0-1%

    0 0%
  • 1-2%

    2 3.92%
  • 2-3%

    5 9.80%
  • 3-4%

    7 13.73%
  • 4-5%

    3 5.88%
  • 5-6%

    2 3.92%
  • 6% or higher

    22 43.14%
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Thread: 2020 Condo Fees

  1. #1
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    Default 2020 Condo Fees

    Just got notice for my rental townhouse that condo fees are up 4.7% next year from 461 to 483 in my case. The main reason seems to be the increases in insurance rates.

    Curious if others are seeing a big increase in their monthly condo fees and by how much.

  2. #2
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    I've seen a few threads on reddit with similar things. Insurance premiums, especially for the wood framed condos, are jumping up a lot
    Nolan

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    .
    Last edited by 01RedDX; 05-06-2020 at 12:47 PM.

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    No increase, but they levied a $600 special assessment to cover the shortfall. So same same.
    Originally posted by SEANBANERJEE
    I have gone above and beyond what I should rightfully have to do to protect my good name

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    Yes, our board just had the AGM and insurance across the board is expected to go up. Someone said a +20% increase wouldn't surprise them.
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    My condo fees went from $294.27 to $347.86 with the latest building insurance renewal

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    Mine went down because we canceled some unnecessary services. Not sure why they just didn't keep the fees the same and the extra to pad the reverses but whatevz.


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    The benefit of masks is not known at this time. But we do know it is some non-trivial amount more than zero.

    We also know that the cost of mask use is, essentially, zero.

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  8. #8
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    Our condo fees are only going up 2.2% since we decided to can trotter and Morton and switch management companies. Those 2 changes alone resulted in the condo corporation saving almost 40k and helped offset our 39% increase in insurance premiums...

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    Hold on to your shorts if you have a condo. This has been several years in the making, it all started in the spring of 2014 really. After insurance companies got financially kicked in the balls with the 2013 floods the writing was on the wall. At the time Cooperators was the largest underwriter of condo corporation policies and they exited the market entirely in 2014 which left a pretty big vacuum. Over the next couple of years more & more insurance companies refused to write multi-family residential realestate due to poor results so you get what we have today, only a handful of players left and they can charge whatever the fuck they want. I'm dealing with one right now where the condo board's policy went from $87K for 2019 to $311K for 2020 and the deductibles (which matters to the individual unit owners) have increased as much as 500%. No...those aren't typos. I think this client lives in a larger complex but still, if there's 200 units that all works out to about an extra $100 a month. I don't write condo board policies but I sure wish I would have gotten into that side of things years ago!
    "Masked Bandit is a gateway drug for frugal spending." - Unknown303

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    Mine went up around $6/month this year from $205 to $211.

  11. #11
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    Quote Originally Posted by flipstah View Post
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    Mine went down because we canceled some unnecessary services. Not sure why they just didn't keep the fees the same and the extra to pad the reverses but whatevz.
    Board members trying to sell.

  12. #12
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    Mine went up from $449 --> $560 over 7 years in the place I used to live in. Then they dropped down to $545 the last year I lived there. I can only assume they are going up again for 2020, especially since we had so many insurance claims I don't even want to know what the premiums/deductibles are going to be like next year.

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    "Masked Bandit is a gateway drug for frugal spending." - Unknown303

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    Quote Originally Posted by Masked Bandit View Post
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    So the problem is country wide.

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    "Why are you raising our rates?"

    "Because I said so."

    *Snap*

    /Wallet evaporates
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  16. #16
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    I’ve owned two properties with condo fees, never again.

  17. #17
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    Quote Originally Posted by Masked Bandit View Post
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    Hold on to your shorts if you have a condo. This has been several years in the making, it all started in the spring of 2014 really. After insurance companies got financially kicked in the balls with the 2013 floods the writing was on the wall. At the time Cooperators was the largest underwriter of condo corporation policies and they exited the market entirely in 2014 which left a pretty big vacuum. Over the next couple of years more & more insurance companies refused to write multi-family residential realestate due to poor results so you get what we have today, only a handful of players left and they can charge whatever the fuck they want. I'm dealing with one right now where the condo board's policy went from $87K for 2019 to $311K for 2020 and the deductibles (which matters to the individual unit owners) have increased as much as 500%. No...those aren't typos. I think this client lives in a larger complex but still, if there's 200 units that all works out to about an extra $100 a month. I don't write condo board policies but I sure wish I would have gotten into that side of things years ago!
    Always appreciative of your insights into this volatile insurance markets.
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  18. #18
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    WTF! hopefully mine doesnt sky rocket.... I started out at around $150-15 years ago and now im at $264
    Quote Originally Posted by Mitsu3000gt View Post
    and I did not have the only say in the matter (most people just want it done ASAP and don't care about quality).
    Quote Originally Posted by Mitsu3000gt View Post
    If anything we made a better decision because we had a consensus and were all on the same page.

  19. #19
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    Mine went up from $270 to $309. But to be fair I budgeted this into my finances when I bought my place four years ago.

    So its no big deal. Its like owning a home. You will have to replace the furnace, redo the roof etc. Condo is no different, just on a smaller scale.

    Edit: I ran the calculation. It was a 14.4 percent increase.
    Last edited by tonytiger55; 12-06-2019 at 12:30 PM. Reason: Percentage Calculator

  20. #20
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    Quote Originally Posted by Masked Bandit View Post
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    Hold on to your shorts if you have a condo. This has been several years in the making, it all started in the spring of 2014 really. After insurance companies got financially kicked in the balls with the 2013 floods the writing was on the wall. At the time Cooperators was the largest underwriter of condo corporation policies and they exited the market entirely in 2014 which left a pretty big vacuum. Over the next couple of years more & more insurance companies refused to write multi-family residential realestate due to poor results so you get what we have today, only a handful of players left and they can charge whatever the fuck they want. I'm dealing with one right now where the condo board's policy went from $87K for 2019 to $311K for 2020 and the deductibles (which matters to the individual unit owners) have increased as much as 500%. No...those aren't typos. I think this client lives in a larger complex but still, if there's 200 units that all works out to about an extra $100 a month. I don't write condo board policies but I sure wish I would have gotten into that side of things years ago!
    Do you notice any difference in wood framed buildings vs concrete? Or is everything going up.
    Nolan

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