Etobicoke building residents struggle with rising condo fees
CTV Toronto
Sean Davidson
03 September 2015
Condo fees are rising to an unaffordable level for residents of an
Etobicoke apartment building.
After years of neglect, eight million dollars’ worth of repairs were
completed at a 200-unit condo building at 40 Panorma Court in
Etobicoke. The building still needs another $600,000 in of work to
repair mold problems.
Many residents in the condo building are already paying $1,200 per
month in fees but with the new renovations expected, prices could rise
to $2,000 per month.
Unit owners like Wansa Hamo, who lives in the building, are struggling
to pay the condo fees. Residents are also concerned because when condo
fees rise, the units fall in value.
“Either we will pay or they will put a lien on the unit and we will
lose it to the power of sale,” Hamo told CTV Toronto.
Prior to the repairs, the condo was in such poor shape that a judge
ordered that the building’s finances and repairs be handled by an
outside company.
In a statement, Vero Property Management Services told CTV News that
they “understand the financial hardships this will cause.”
“We are trying to correct years of neglect and make sure people are
safe and don't get sick,” the statement said.
Residents are asking management to spread the payments out over a
longer period to ease the financial hardship.
Contents Chapter Previous
Next