Thursday, December 15, 2016

Zero % increase in Condo Fees

Message from Dev Maharaj

Dear Owners:

As President of Place Royale Board of Directors I have worked very hard to improve our building without any financial burden to the residents. My mandate was very clear: improve the building, reduce cost and keep condo fees at a zero percent increase. As such there was no increase of condo fees from 2013 - 2016. 

Despite not increasing condo fees for three years Place Royale Board of Directors were able to complete the following without causing any financial hardship to owners:

- Garage repairs at the front of the building
- Re-slope the back of the building to reduce water damage to the foundation
- Re-pave the area near the entrance to the underground garage
- Renovate the Party Room and B1 Level
- Purchase new equipment for the Gym

The next project that will also add value to our property will be Guest Suites. 

In making a decision on Condo Fees and considering future projects such as the Guest Suites, maintenance and improvements to the building, Place Royale Board of Directors have determined that it is possible to maintain a zero percent increase for another year. However this can only be achieved through the continued cooperation of all residents in contributing to the upkeep of their units. A good example would be the toilet replacement program, using energy efficient appliances and being careful with overall usage of utilities. 

Taking into account the continued cooperation of owners/residents Place Royale Board of Directors have decided that Condo Fees increase for 2017 will be Zero Percent for a Fourth Year in a row

Wishing you a Happy Holiday Season and a bright and prosperous New Year!


Dev Maharaj
President Board of Directors