The basic percentage of the condo fees that is paid by each unit was determined when the condominium was registered. It was based on the square footage, which model suite and what floor the unit is on. It is also determined by the number of parking spaces and/or lockers that an individual unit may own. This base line remains forever. This information can be found in the M.T.C.C. 741 Condominium Declaration in Schedule D.
Each year the Board of Directors reviews all current and future expenditures including what is required from the Reserve Fund Study. That amount is determined by a percentage which is turned into dollars based on your particular suite.
The Operating costs include contracts, supplies, garbage/recycling and utilities – gas, hydro and water. The declaration also includes cable television for each unit.
Contributions to the Reserve Fund are set aside for major repairs and/or replacements. For example, windows, lighting, piping, roof deck replacement etc
Our condo fees include a portion of the common elements. We have a five acres of property with many amenities that need to be maintained.
In the past few years, the new charges of the HST brought a significant increase to our fees. There was also a major increase in services such as gas and hydro.
Doing Our Part
Although, it does seem like a small part, it is still important that every person living in our Trillium community makes an effort to not waste our electricity and water.
Maintenance is also a big cost of our budget. Items like repair and cleaning the sink drains stacks are costly. Making sure leftovers are put in the compost bin and NOT washed down the drain would be an easy way to help avoid extra cost .
Recycling is also a great way to reduce our cost of waste disposal. Many things are thrown down the chute for convenience but they belong in the composting (green) or recycling (blue) bins.