Condos are getting cheaper — but list prices don’t include this fast-growing hidden cost

New lending requirements, rising insurance premiums, and maintenance costs on aging buildings have increased condo ownership expenses. Lenders have tightened requirements for financing condos in recent years, according to industry reports. Condo insurance premiums have risen as insurers adjust rates based on building age and claim history. Building maintenance and reserve fund contributions have increased as properties age and require more frequent repairs.

Next story