In recent years, with sustained high inflation affecting many goods and services, we looked at the audit fee data reported by housing co-ops in our portfolio.
Our analysis shows that audit fees are on the rise. Specifically, from 2022 to 2025, the average annual increase for housing co-op audit fees across Alberta, British Columbia, Ontario, and Prince Edward Island was 7.1%.
For 2024, the median audit fees for each province was:
Alberta: $7,700
Ontario: $9,890
BC: $8,912
PEI: $4,408
While regulatory changes and increasingly complex financial reporting requirements can contribute to higher costs, it’s wise to talk to your auditor about the scope of their engagement and ways to reduce costs. It’s also worth obtaining additional quotes from other firms experienced in non-profit co-op housing to ensure you are receiving a competitive rate.