Common Hidden Costs in Strata, Condo, and HOA Ownership
Buying a condo isn’t just about the listing price. While monthly condo fees are expected, many buyers overlook the fine print in condo documents that reveal ongoing and surprise costs.
Here’s what you might be on the hook for:
Special Assessments – One-time charges levied on owners to cover unexpected costs like roof replacements or lawsuits.
Contingency Fund Shortfalls – If the Reserve Fund is underfunded, future costs may land on owners instead.
Insurance Deductibles – Some bylaws pass high deductibles directly to unit owners. One leak can cost you thousands.
Levy Increases – Watch for consistent fee hikes over 3–5 years. These signal rising costs with no end in sight.
Common Area Repairs – Aging elevators, parkades, or plumbing can result in massive financial surprises.
Many of these are invisible in the MLS listing — but visible in the documents.
How to Detect Risks in the Documents
Our job is to decode the hundreds of pages in condo or strata documents. These files often include:
Meeting Minutes (AGMs & Board Meetings) – Where upcoming costs and owner disputes are discussed.
Reserve Fund Studies – Reveals how well the building is saving for future repairs.
Insurance Certificates & Bylaws – Tells you how deductibles are handled and whether you’re covered.
Operating Budgets – Shows if the condo is running at a loss or barely scraping by.
Engineering Reports – Where large structural or maintenance concerns are disclosed.
If these sound overwhelming, they are. That’s why we summarize every risk and red flag in one clear, readable report.
🏘️ Real Buyers from Alberta
Let’s look at two real-world examples:
Calgary First-Time Buyer
Sarah was excited to buy her first condo in a trendy area. The documents revealed:
$1.2M in upcoming elevator repairs
A 30% reserve fund shortfall
History of annual fee increases
Sarah walked away — and avoided an estimated $15,000 assessment.
Edmonton Investor
Jason wanted to buy three units in a single complex. Our review found:
All three were in a building flagged for fire code violations
Lawsuit pending between board and developer
Inadequate insurance for water damage
Jason pivoted to another property — one with clean financials and zero litigation risk.
Schedule a Review Before You Sign
Before you finalize that deal, take one extra step that could save you thousands.
We review:
Alberta Condo Docs
Strata Files in B.C.
HOA Packages in Ontario and beyond
📩 Flat-Rate Pricing. No Hidden Fees.
📆 Book your condo document review today and buy with confidence.
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