Search results for: special assessment
Special Assessment vs. Condo Corporation Loans: Which is Really Best for Your Condo Board?
When your condo board requires immediate funds to cover an unexpected expense, you have two choices: 1) A special assessment or 2) A loan. Here we compare loans to special assessments to help you make the right decision for your condo community. Condo Corporation Loans Condo corporation loans are granted based on a “covenant” to…
Read MoreWhat Condo Boards Should Know About Special Assessments
Special assessments are a condo owner’s worst nightmare. The assessment presents an extra charge on top of monthly maintenance fees. Owners do not have approval over a special assessment. From an owner’s standpoint, an assessment is never a good thing. Most owners trust their monthly fees include a reserve fund to pay for unexpected projects…
Read MoreIrrigation in Condos: 5 Ways Water Smart Irrigation Assessments Saves Money
Inefficiencies in water irrigation systems in condos can lead to costly water waste. Therefore your board needs to ensure proper management and maintenance of your system. One of the easiest ways to do so is to schedule a Water Smart Irrigation Professional (WSIP) Assessment. Here are five ways a WSIP assessment can help reduce water…
Read MoreHow the Aggressive Government Housing Plan Impacts Property Management
The competition to find an effective property manager in Toronto is teetering on a crisis as government housing targets loom. Here we look at possible property manager availability challenges the aggressive government housing plan presents, with condo board tips to help you avoid them. The Current Scenario According to the Association of Condo Managers in…
Read MoreInflation: How to Prepare for 2024 Reserve Fund Study Sticker Shock
Construction inflation is putting pressure on condo boards to find strategies to make up for significant cost increases in refund studies. Inflation could mean making some hard decisions, including introducing common element fee increases or special assessments, putting further financial strain on condo owners. Here we offer tips to help your condo board prepare for…
Read MoreThe One Critical Skill Setting Outstanding Property Managers from the Rest
Although condo property management is a licenced profession, many condo boards seek property managers with supporting MBAs. While you need to run your condo corporation like a business, the one critical skill that makes more sense in property management focuses on a different area of expertise: Engineering. Here’s why property managers with an engineering background…
Read MoreInflation: How to Prepare for 2025 Reserve Fund Study Sticker Shock
Construction inflation is putting pressure on condo boards to find strategies to make up for significant cost increases in refund studies. Inflation could mean making some hard decisions, including introducing common element fee increases or special assessments, putting further financial strain on condo owners. Here we offer tips to help your condo board prepare for…
Read MoreHow to Prepare Your Condo Board for Toronto’s 2040 Net Zero Deadline
Toronto’s 2040 Net Zero deadline calls for retrofit strategies that go beyond traditional cost- benefit calculations. Here we look at how to prepare for the deadline by making smarter retrofit choices that help set the groundwork for sustainability. Consider Larger Retrofits Your board needs to focus on larger scale retrofits. Before undertaking any one project,…
Read MoreEvery Condo Board’s Guide to the Cost Proportions for their Corporation
Let’s talk cost proportions for your condo corporation’s expenses. The monthly common element fees (CEF) your condo board collects come with an obligation to your unit owners. Your job is to ensure you allot those funds properly to cover expenses and manage your reserve fund effectively. Here we offer a comprehensive guide to help you…
Read MoreWhat are the Core Responsibilities Involved in Managing A Condo Corporation vs. Administration?
The title “Condo Manager” can be misleading. While one condo corporation might hire a Condo Manager to oversee administrative duties, another might hire them to carry out duties that require a license. The Condominium Management Services Act defines the core responsibilities of a licensed Condo Manager. Here we compare the core responsibilities of a licensed…
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