(Eaton) Lofts at 276

[tomh009]

The reserve fund studies and the 30-year requirement did not come into play until the act was proclaimed in 2001. And there might have been a transition period, too. Prior to that, many condos had reserve funds but they were not regulated, and many of them would have been insufficient to meet the current 30-year requirement.

As a comparison point, Quebec condo fees look tiny compared to Ontario condo fees. I don't think there's a similar requirement in Quebec.

Quebec does require a contingency fund, but the rules are less rigorous, I believe a condo building can get away with 5% of the condo fees. In Ontario, if you're looking at a new or well-run building, the reserve contributions will be around 20% of the total, which is indeed more but not enough to explain the difference (the Ontario fees are a multiple of 2-2.5x of Quebec ones). However, the 5% is guaranteed to be insufficient for any kind of major repairs.

So, what else can be (substantially) less expensive in La Belle Provence?

• Hydro is definitely less expensive -- and this is a big cost in the summer (AC)
  
• Electric heat (at Quebec rates) is significantly less expensive than natural gas
  
• Don't know about water or gas costs 
  
• Smaller/older buildings don't necessarily have elevators or AC, saving utility and maintenance costs
  
• If the building has a unit reserved for an on-site superintendent, that can save cleaning/property management costs
  
• Some buildings do not have an outside property manager; the board will instead be paid (something)
  

In the end, unless the building is mismanaged, it's all about the costs. For some perspective on that, this Montreal condo building has their AGM minutes online:
http://manoir4.com/assemblees_generales.html