The true monthly cost of owning a BC condo
The mortgage is only part of it. Strata fees, property tax, insurance and one-time costs decide whether a condo fits your budget.
5 min read · updated 2026-09-29 · sources at the end
Add up the whole month
A condo with a lower price and a high fee can cost more each month than a slightly pricier condo with a low fee, so compare the total, not the price.
- Mortgage payment: principal and interest at your rate and amortization. Our mortgage calculator works this out from the price.
- Strata fee: paid every month, and it can rise. What it includes varies: some fees cover heat, hot water, gas, cable, amenities and building insurance; others cover much less.
- Property tax: charged by the municipality on the unit's assessed value.
- Your own condo insurance and, for some buildings, parking or storage charges.
- Utilities the strata fee does not cover, such as electricity and internet.
Compare fees on a like-for-like basis
Two buildings' fees only mean something next to their size. Divide the fee by the square footage to get a fee per square foot, and look at what the fee includes. On this site you can sort search results by strata fee per square foot to see which units carry the heaviest fees for their size.
A very low fee per square foot is not automatically a bargain. If it is low because the strata is not saving for repairs, a special levy may be the price of the discount.
One-time costs
- Down payment, and mortgage default insurance if it is under 20 percent.
- Property transfer tax on the purchase, unless you qualify for an exemption. The first-time buyers' exemption covers a full exemption up to a fair market value limit and a partial one just above it; check the current amounts on the Province's page, since they change.
- Legal fees, title insurance, adjustments for property tax and strata fees, and moving costs.
- A financial cushion for a special levy or a rise in fees.
Use the tools before you offer
Our monthly budget calculator takes your income and debts and shows what price range keeps the total monthly cost inside your limit. The mortgage calculator has a tab for property transfer tax and closing costs.
Frequently asked questions
Do strata fees go up?
Yes, they commonly rise with inflation and repair needs. The Form B and the budget show recent changes. Ask how much they rose over the last few years.
Is the strata fee tax deductible?
Not for a home you live in. Talk to an accountant if you rent the unit out.
Does a higher fee mean a better building?
Not always. Compare what the fee includes and whether the strata is saving enough for repairs.
Sources
- Province of BC: first time home buyers' property transfer tax exemption
- Province of BC: Form B, Information Certificate
General information for British Columbia, not legal, tax or financial advice. Rules change: confirm current requirements with the sources above and your own lawyer, accountant or mortgage broker before you buy.