What are service charges?

What are service charges?

Your OMC is required to publish an annual budget and report every year. These documents should cover topics such as how the estate is managed, how the management fee is calculated, and how your money is spent.

A proposed budget is presented to members at an Annual General Meeting (AGM), and it must receive 75 percent approval to pass. If a member does not vote in favor of the proposed budget, the current budget remains in effect.

Service charges must be paid by all unit owners. The service charges have to be calculated fairly. Some units, for example, have service charges based on square footage.