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Frequently Asked
Questions

Frequently Asked Condominium Management Questions

For new condominium owners, or buyers looking at a condo for the first time – there can be a lot of questions. Here are some of the most common questions about condominium living and condo ownership we hear at our office, and some simple answers to make sure you are empowered!

A condominium is a form of property ownership where individuals own their specific unit and share ownership of common elements (such as hallways, elevators, and exterior grounds) with other unit owners.

A Condominium Corporation is a legal entity created to manage and maintain the common property and assets of the condominium project, governed by the Condominium Property Act.

The total of all unit factors in every Condominium Corporation in Alberta is 10,000. Your unit factor represents your portion of ownership in the common property. It determines your monthly condo fees and your voting weight at general meetings.

Condo fees cover the shared operational expenses of the corporation, including insurance, common area maintenance, snow removal, landscaping, professional management, and contributions to the Reserve Fund.

Condo fees are due on the first day of every month. Payments not received by the first are typically considered late and may be subject to interest charges as per your specific corporation’s bylaws.

A Reserve Fund is a "savings account" for the corporation used specifically for major repairs and replacement of the common property (like the roof, siding, or parking lot) as the building ages.

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