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.
With a report by CTV Toronto’s Pat Foran
