An Ontario TikToker's Condo Fee Went Up 74% & Here's Why She's Paying So Much More

For many young professionals, the dream of owning a home in Ontario has become increasingly unattainable due to rising housing costs.

But, homeownership in Ontario's real estate market comes with huge financial challenges, too, especially for those who own condos and are required to pay the associated fees.

Julie, an Ontario TikToker, recently posted a video about receiving a letter in the mail notifying her of a staggering 33% increase in fees for her condo in Oakville, along with a special assessment of an additional $3K to be paid over the course of this year.

"So after everything, my condo fee is now going up 74% this year, and it's gonna cost me from $2,600 a month to own my home to now over $3,000 a month," she said.

Julie said in her video that despite doing "everything right" and maxing out her life's savings to buy the condo a couple of years ago, she's not sure if she'll be able sustain living in it.

"I feel like it's just impossible to get ahead these days as a 20-something-year-old," she said.

"It feels like a treadmill, living in Canada as a young person. Your groceries are expensive. It's impossible to buy a home. Rent is through the roof."

Condos fees are usually calculated based on the size of your unit and are adjusted annually based on the building's operating budget, according to the real estate company RE/MAX.

"The more amenities your condo has, the higher your condo fees will be. Think pool, gym, hobby rooms, sports courts, an in-house theatre, and indoor and outdoor areas," RE/MAX said in a blog.

Julie's viral TikTok has resonated with many young people who share her concerns about the high cost of living in Ontario.

"This is so upsetting; it feels impossible to survive, let alone thrive," one person wrote. "Living in the GTA is absolutely insane. Considering moving to Arizona or Florida in next few years," another wrote.

In Toronto, the average-priced home currently sits at almost $1.1 million, and you would need to make at least $168,000 per year to afford it.