Owners of condominiums in Toronto are facing a steep hike in fees to repair their neglected building. The owners of units at 40 Panorama Court in Etobicoke already pay $1,200 per month in condo fees but are being asked to fund a $600,000 repair to tackle mould problems. That will mean a 66.67 per cent rise in fees to $2,000 per month. The alternative is that lien will be put on the building and owners will be unable to sell. The Huffington Post reports that repair work was ordered by a judge due to the building’s poor state and appointed Vero Property Management Services to oversee it.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: