In any project which is hot water heated, there will usually be one meter for the natural gas which is consumed by the project.  This gas is used to heat the building itself.  There are no individual meters for each condominium unit, and thus it is impossible to charge each condominium owner with the cost of heating their unit.  Instead, the cost of heating is paid by the condominium corporation and is shared by all owners.  This cost is paid by means of the condominium fee contributions which are paid by each owner each month.

Q: How are condominium fees determined?

A: An annual budget is prepared by the condominium management company or by the board of directors of a condominium.  This annual budget sets out the operating costs each month for the condominium project including insurance, grounds maintenance, snow removal, and other costs of a common nature which are paid by all of the owners collectively.  The condominium fee contributions also include a portion which is deposited each year to the condominium reserve account which is used to pay to replace items of a significant capital nature ie. water heaters, boilers etc.

Maria Psofimis is a realtor with CIR Realtors. She may be reached for questions at 294-1500 or .(JavaScript must be enabled to view this email address)