In a recent clickbait article titled, “Highest and lowest condo fees in the GTA”, The Toronto Sun unfairly targets Palace Place’s older sister building, Palace Pier, 2045 Lake Shore Blvd W, over being the second “costliest building” in the GTA.
This is simply not true.
The litany of errors contained in this article is troubling.
First, this was not an apples to apples review of Toronto condos. It was a poorly researched piece that failed to account for the unique differences between condominium buildings.
Separate fees vs. all-inclusive fees
This article has failed to consider the significant differences between condominiums with separated fees versus those with all-inclusive fees.
Condos typically built after 2000 have had their fees separated out, so builders could offer seemingly lower maintenance fees to help sell their inventory. When you compare older buildings to newer ones by adding back items like energy costs, older buildings come out ahead of most new condos. Plus, you get a dedicated, private shuttle bus to Union Station, valet parking, and a real concierge instead of a glorified security guard.
Fees are not based on size
The article is wrong to treat condo fees as a function of unit size. In Ontario, each owner’s share of common expenses is fixed by the proportions in the declaration, for a standard corporation in Schedule D, not by square footage. Size is only a drafting choice some declarants use when they write those percentages. The Condominium Act does not require it. Every declaration is its own registered document, with its own Schedule D, inclusions, unit types, and sometimes separate percentages for parking or other units. No two declarations allocate fees the same way. Comparing raw monthly fees as if they were a size-based tariff therefore misstates how the obligation is actually set.
Old versus New
The builder of a new condo is required to issue the building’s first budget. This is always artificially low to support the fees that they sold buyers on during their purchase. When a new Board and manager take over the site, they usually must raise fees substantially to cover the actual realities of managing the building.
Older buildings are tried, tested, and true, meaning they are much safer financial bets than new condos. Their financial costs are highly researched and accounted for because their established management teams understand their building.
What buyers always fail to consider: the quality of the management team
A condo is only as good as the people running it.
Palace Pier, 2045 Lake Shore, is managed by one of the best condominium managers in the city, who is part of the FirstService Residential team, North America’s largest property management firm, representing over 800 condos in Ontario alone.
Their President is a seasoned corporate veteran dedicated to the betterment of his community, working at all hours to find better ways of doing things to reduce costs. Together, with a Board of 7 directors, the directors of Palace Pier offer financial management that buyers can trust.
This is probably the greatest insurance a buyer could have. The Sun’s fee comparison does not consider it at all.
Palace Place, 1 Palace Pier Court: Palace Place is not Palace Pier
Palace Place, 1 Palace Pier Court, the newer building, which had been built in 1993 by Bramalea Limited, Canada’s biggest builder at the time, was not on this list for reasons that can be found reading this website, including its unrivalled construction, management, and for offering all-inclusive fees that are among the lowest for the area, yet they include the most.
By Luke Dalinda, President of Palace Place (MTCC 1053) and a condo real estate practitioner for over 30 years.
Luke Dalinda has often been quoted in Canadian news media, including The Globe and Mail, for his knowledge and insight into the condo market. In 2023, he was awarded the highest honor by Crossbridge Condominium Services for his exceptional leadership of Palace Place.
E: LDALINDA@DALINDA.NET • TEL: 416-725-7170 • Dalinda.com
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Palace Place, 1 Palace Pier Court, and Palace Pier, 2045 Lake Shore Boulevard West, in Humber Bay Shores.
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Luke Dalinda, Realtor. Royal LePage Real Estate Services Ltd., Brokerage.
View all current and past Palace Place listings for sale here.