According to our contract:
Section 80(A) of the act states:
#1: I have read elsewhere (can't find the source right now, but it was forums for another condo) that the interest percentage used is that of the mortgage rate from the Bank of Canada. I looked it up, and this rate is currently 5.14% on a conventional mortgage
, which is what we all have since we all had to put 20% down. If you aren't familiar with how this works, the 5.14% applies to the whole year, not per month, so just find 5.14% on the amount you owe and then divide by 12. That will give you the monthly amount.
#2: If we go by purchase price (as there is no appraisal yet), then you can use the Toronto Property Tax Calculator to find this number for you. The number will most likely be LESS than what the calculator states, as condos pay less in these taxes than houses.
#3. Common expenses is outlined in your condo rules book that we received on purchase. Just look up your unit # in there and add extras if you have a storage locker and/or parking spot.
Add all three together and there you have it!
I hope this helps!