A $650,000 condo bought with $65,000 down costs $4,455.97 a month to own. That breaks down as a mortgage of $3,371.80, condo fees of $520, property tax of $379.17, insurance of $45 and utilities of $140. The yearly total is $53,472, and $1,084 of the monthly cost sits outside the mortgage.
More than the mortgage
Condo shoppers tend to compare mortgage payments and stop there. The other bills matter almost as much. Fees and property tax arrive every month, with utilities and insurance on top. This calculator puts them all in one place.
Condo fees
Fees pay for the building: cleaning, security, repairs, insurance and the reserve fund. They are often charged by the square foot, so a bigger unit or a building with a pool and gym costs more. A 700-square-foot unit at $0.75 a square foot pays $525. Compare the rate across buildings of similar age and see what the fee includes, because a low fee can mean a thin reserve fund. Ask for the last two years of fee changes.
Property tax
Tax is charged on your unit, based on its assessed value. The field asks for a percentage of the price per year. Use the Toronto property tax calculator to find a rate for your area, then enter it here.
The mortgage and CMHC insurance
Put down less than 20% and your loan carries CMHC insurance, with the premium added to the loan. On $650,000 with 10% down, the premium is $18,135. The calculator adds it and works out the payment over your amortization.
Insurance, utilities and extras
Condo insurance covers your belongings, upgrades and liability, and it costs far less than house insurance. Utilities depend on the building, since some fees include heat and water and others do not. A parking spot or locker can add to the monthly fee or the price. Also set aside money for special assessments, which owners pay when the reserve fund falls short. Even $50 a month builds a cushion.
A higher fee
Raise the condo fee from $520 to $700 and the total climbs by $180 a month, or $2,160 a year. Over a 25-year mortgage that adds up to $54,000. Fees often rise every year, so a low one today may not last. Test a fee 10% to 20% higher.
Questions for the property manager
Ask for the status certificate, the reserve fund study and the last three annual budgets. Look for planned repairs and pending special assessments. A small reserve fund often points to large future charges. Your lawyer can read the documents with you.
New or resale
A new condo often has lower fees in its first years because the building and its systems are new, but fees tend to rise as it ages. A resale unit shows real numbers for fees, taxes and past assessments, and that history helps you plan.
Where to go next
Ownership costs are only part of the choice. Buying builds equity, and renting keeps cash free. The rent vs buy calculator puts both paths side by side over many years. Test the loan with the mortgage calculator, plan closing cash in the closing costs calculator, and see what else the city costs in the Toronto cost of living calculator.
Frequently asked questions
What does it cost to own a condo each month?
Mortgage, condo fees, property tax, insurance, utilities and any parking or reserves.
What are condo fees for?
Building upkeep, insurance and the reserve fund.
Are condo fees the same for every unit?
No. Many are charged by the square foot.
Is CMHC insurance included?
Yes, when the down payment is under 20%.
What is a special assessment?
An extra charge when the reserve fund is not enough.
Do fees include utilities?
Sometimes. Check your building.
Sources and updates
Last reviewed: . Full disclaimer. How we build calculators. Editorial policy.
Estimate only. This calculator gives general information for planning. It is not tax, legal or financial advice, and it is not affiliated with the City of Toronto, MPAC or the Canada Revenue Agency. Results depend on the numbers you enter and may differ from official amounts. Check official sources or a qualified professional before you decide.