Assessing Fees

Assessing Fees

Based on Unit Factors or Otherwise

On registration or redivision of the Plan, the Corporation will submit a schedule detailing the unit factors assigned to each unit. The unit factors can be based on square footage or the initial market value compared to the rest of the complex. In Alberta, the total number of unit factors in a plan is 10,000, and this divided amongst the units.

Assessments are based on a proration (unit factors) unless the bylaws specify another method. Most commonly the other method is an equal share given to each unit.

Condominium and Strata Fee Assessments

Condominium fees assessments are the reasonable amounts required to cover all of the expenses of maintaining the common property. These assessments also fund the reserve fund requirements identified by the Board in its five year Reserve Fund plan. These assessments are normally levied monthly, according to the annual budget.

Special Assessments

If the regular assessments of condominium fees are inadequate to cover expenses, a special assessment may be made. Special assessments are generally only made in the case of large emergency expenses, for example to pay for significant unforeseen replacements or repairs.