Many mortgage holders have little room for higher payments: MPC + MORE Jun 26th

New consumer research finds recent buyers and newcomers are facing sharper affordability pressure, even as confidence in homeownership remains resilient.

Condos are a popular choice for many first-time homebuyers owing to their lower price point and access to amenities such as gyms and pools. But as well as a mortgage, condo owners are responsible for monthly maintenance fees that support operating costs for the building, among other aspects, and it’s important to factor that into your purchase and monthly budget.

Condo fees generally cover a lot of what homeowners would spend out of pocket, such as property insurance and general maintenance, said Karolina Armstrong, a real estate broker at Right At Home Realty in Toronto. “It’s what keeps the building running for all the owners,” she said.

Other common items usually included in condo fees are garbage removal, elevator repairs, and security and cleaning staff. The fees also go toward the building’s reserve fund, which is money set aside for future repairs and larger maintenance projects, such as replacing windows and roofs.

How much a condo owner pays depends on the age of the building, how well it’s been maintained, whether utilities are included, and how many units there are in the building or complex…