Search results for: special assessment
Special Assessment vs. Condo Fee Increases: Which Is Better for Your Condo Corporation?
Few decisions create more anxiety for condo boards than figuring out how to pay for major expenses. The situation is familiar. The reserve fund study has been updated. A major repair project is approaching. Costs are higher than anticipated. Or perhaps years of underfunding have finally caught up with the corporation. The board suddenly finds…
Read MoreSpecial 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 MoreWhat the Condominium Authority Tribunal Covers Now, and How Boards Should Respond
The Condominium Authority Tribunal is Ontario’s online forum for a defined list of condo disputes, and it makes binding orders that both sides must follow. Two scheduled changes belong in front of every board: on 1 October 2026 the Tribunal moves to new Rules of Practice and a new online filing platform, and on 1…
Read MoreWhy Reserve Fund Studies Don’t Tell the Whole Story
Most condo board members understand the importance of a reserve fund study. After all, it’s one of the most important financial planning tools available to a condominium corporation. It helps boards understand future repair and replacement costs, establish reserve fund contribution levels, and prepare for major capital projects. But there’s a common misconception that once…
Read MoreThe Hidden Costs of Deferred Maintenance
Few condo boards intentionally decide to neglect their buildings. In most cases, deferred maintenance begins with good intentions. A project gets postponed to avoid a fee increase. A repair is pushed into next year’s budget. A component still appears to have some life left, so replacement is delayed. Individually, these decisions may seem reasonable. The…
Read MoreWhat every condo board should know about the CAOs’ reserve fund report
In 2023, the Condo Authority of Ontario (CAO) surveyed condo corporations and owners to gain insights into the state of reserve funds in Ontario. Here we share key findings every condo board should know about the CAOs’ reserve fund report preliminary findings released in September 2024. Why the Survey was Conducted The surveys were conducted…
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 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…
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