A hefty monthly condo fee could reflect a luxurious building with numerous top-tier amenities located in a sought-after area of the city. Or it could point to an ageing property, which requires extensive repairs. However, in some cases, a high fee could result from poor financial decisions made by the condo board in the past. For example, they may have drained the reserve fund to pay for structural damage caused by years of neglect and hiked the condo fee to replenish it.