Many condominium owners do not know where their condo fees are going. They know that they have to make a monthly payment, and that their fees generally increase, but that is about it...
Warren Phipps from Mountain Park Real created a great short video explaining the basics of what condo fees cover. I encourage you to watch it. It is a short 3 minute video that gives you some education that every condo owner should know.
"The first point is that condo fees are like saving for a rainy day. When you own property, things always come up that are unexpected. A pipe bursts. The roof leaks. A portion of your condo fees are saved for surprises just like these. When something unexpected happens, the money is there and there's no big out-of-pocket expense."
You can read the full article here: http://mtnpark.ca/blog.html/calgary-condominium-management-why-you-should-like-condo-fees-1684806