A condominium fee typically covers building insurance, common-area maintenance and a reserve fund for major repairs like a roof or an elevator, and a low fee is not automatically good news, since it can mean an underfunded reserve that leads to a large special assessment later rather than steady monthly costs.
A special assessment, an extra one-time charge beyond the regular fee, is the number a buyer should ask about directly, along with the reserve fund study, before assuming a condominium's monthly cost is the full picture of what ownership actually costs.
Reviewing a condominium corporation's financials and reserve fund study before buying or listing is worth the effort either way. Get your hand-reviewed valuation from Joel Dyck.