Living in a condo has a lot going for it. Less maintenance to manage, a strong sense of community, and a comfortable footprint for this stage of life. But for many Canadian homeowners who settled into their condo during retirement, one thing has shifted dramatically — the monthly costs.
Add a growing need for in-home care support, and what once felt like a financially comfortable retirement can start to feel a stretched. If that sounds familiar, you are not alone, and there are options worth knowing about.
What Is Happening With Condo Fees in Canada?
Condo fees — also called maintenance or strata fees — have been climbing steadily across Canada. In Ontario, the average monthly condo fee now sits at approximately $650, with reserve fund contributions alone averaging over $200 per unit per month — nearly double Alberta and almost triple British Columbia.
These increases are not arbitrary. Several factors are pushing condo fees upward in 2025, including aging infrastructure, stricter reserve fund regulations under Ontario’s Condominium Act, rising insurance premiums, and higher costs for utilities and labour. In some buildings, fee increases of 10 to 15 percent have already been reported.
For someone living on a fixed retirement income — CPP, OAS, perhaps a small pension — a $75 or $100 jump in monthly fees may not seem dramatic at first glance. But when it keeps happening year after year, it absolutely adds up. What happens if a special assessment is announced? In BC alone, an estimated 135,000 condo owners are expected to face a special levy averaging nearly $7,500 per unit in a single year. That is a significant and often unexpected expense with very little time to prepare.
The Real Cost of Staying Home
When asked what they want most from retirement, most Canadians say the same thing: they want to continue living in their own home. A 2024 National Institute on Aging study found that 91% of older adults in Canada would prefer to age at home rather than move to an institution.
That preference makes complete sense. Living in your own home means keeping your routines, your neighbourhood, your independence. But for many people, staying home comfortably requires some extra support — and that support has a real cost.
Private home care in Canada currently runs $30 to $45 per hour for a Personal Support Worker, and $45 to $75 or more per hour for a Registered Practical Nurse or Registered Nurse, depending on the province and level of care needed. For those who require 24-hour or live-in care, costs run between $350 and $600 per day.
Even a modest arrangement — a PSW coming in for a few hours several times a week — can add up to $1,500 to $3,000 per month out of pocket. That is on top of condo fees, property taxes, groceries, and everything else that makes up a full, active life.
Provincial programs help offset some of this. But public coverage tends to be limited to medically-focused tasks and often comes with long wait times and rotating caregivers. For those who want consistent, reliable support at home, private care is often what fills the gap.
Where Can the Money Come From?
This is the question many people find themselves sitting with. Retirement income is largely fixed. Savings are finite. And selling the home you love is not the answer most people are looking for.
If you own your home and are 55 or older, there is a solution that often gets overlooked: a reverse mortgage.
The CHIP Reverse Mortgage, provided by HomeEquity Bank, allows eligible Canadian homeowners to access up to 55% of their home’s appraised value as tax-free cash — without selling and without making any monthly mortgage payments. The funds do not need to be repaid until you move, sell, or pass away.
According to the Financial Consumer Agency of Canada, reverse mortgage funds can be used for anything you wish, including paying for home repairs or improvements, covering regular bills, and healthcare expenses.
Funds can be received as a lump sum, regular payments, or a combination of both. That means using the equity you have already built in your condo to cover monthly fees, bring in home care support, or even handle an unexpected special levy — all without disrupting your life or your home ownership.
And because the funds are tax-free and not considered income, they do not affect your Old Age Security or Guaranteed Income Supplement benefits.
Putting What You Have Built to Work
For many Canadian homeowners, the equity in their home is the single largest asset they hold. And it often just sits there, untouched, while the monthly budget gets tighter.
A reverse mortgage is not about giving anything up. It is about using what you have already earned to live the retirement you planned for — whether that means covering rising condo fees with confidence, bringing in home care support, or simply giving yourself more breathing room each month. Your home has worked hard for you. It may be time to let it work a little harder. Get your free CHIP Reverse Mortgage estimate and find out what your home equity could do for you.