True Monthly Cost of Condo Ownership — Including Strata Fees
Condo buyers routinely underestimate total monthly cost by treating the strata or HOA fee as the only ownership cost beyond the mortgage. In reality, condo owners still face interior maintenance costs—appliances, flooring, plumbing fixtures, paint—that the strata corporation does not cover. This calculator models a $400,000 condo with a $450/month strata fee and a 0.5% annual maintenance reserve for owner-responsible items. The strata fee covers major exterior CapEx (roof, parkade, elevator), so the reserve rate is lower than for a freehold home—but it is not zero. Compare the true all-in monthly cost against your rental alternative before deciding.
Expert tip: Before buying any condo, request the strata corporation's depreciation report and operating fund balance. A healthy operating fund covers day-to-day maintenance; the contingency reserve fund covers major capital expenditures. If the contingency reserve is underfunded, a special assessment is likely—a one-time charge that can reach tens of thousands of dollars per unit. This calculator models your personal reserve contribution, not the strata's; they are separate obligations.
True Cost Homeownership Calculator
Full PITI breakdown · Maintenance reserve planning · True cost of ownership
Home Details
Covers filters, lightbulbs, lawn care, and minor plumbing/paint fixes.