Why does nobody talk about hidden condo fee hikes in Edmonton?

I bought a condo in Oliver back in 2021 with fees at $350 a month, and now they've jumped to $480 with zero warning about a special assessment for the parking garage. Lost about $2,000 in unexpected costs last year alone because the reserve fund study was outdated. Has anyone else gotten blindsided by fee increases that weren't disclosed during the purchase?

3 comments

3 Comments

beth_baker6913h ago

Ugh seriously though. Condo boards get away with this because buyers don't dig into the reserve fund before signing. Always ask for the last three years of meeting minutes and the actual study before you buy.

jordan13413h ago

Point out something though - meeting minutes are great but they won't always show the ugly stuff. Boards can hold executive sessions and keep those private, so you're not getting the full picture from minutes alone. You really need to look at the engineer's report or the reserve fund study itself, not just the summary. A lot of boards will redact parts or just not put the real problems in writing until they have to. Ask for the actual study documents and any inspection reports from the last five years.

nathan85115h ago

Honestly, have you checked if your condo board even has a formal reserve fund study update policy? That outdated study you mentioned is a huge deal because boards in Alberta are supposed to update it every five years, but some drag their feet specifically to avoid disclosing future hikes during a sale. I saw a buddy get hit with a $1,500 assessment for new windows in his Southgate complex because the board admitted they knew about the issue for two years but hid it. Ngl, the board is basically gambling that owners won’t sell or won’t check the numbers before closing. They rely on the fact that most buyers just see the current fee and don’t ask for the last three years of meeting minutes or the full study.