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Why Energy Efficiency is Critical to Reserve Fund Studies
Reserve fund studies provide a great opportunity to find upgrade projects for your condo corporation that also reduce your energy costs. Here’s why energy efficiency is relevant to your condo’s reserve fund studies. Reductions in Utility Bills in Reserve Fund Studies As a member of your condo’s board of directors, your goal is to identify…
Read MoreThe Important Role Condo Boards Play in Property Value
According to the Toronto Real Estate Board, 2020 third quarter condo resales increased by 10.5 percent in the GTA. This is good news, but it comes with one caveat: New listings increased by 84.6 percent. That presents steep competition when condo owners decide to sell. Therefore, board members should keep in mind the important role…
Read MoreHow Looking Beyond 30 Years Improved Reserve Fund Study
Reserve fund study considers the life span of each component in a condo development. This helps condo boards forecast costs for repairs or replacements down the line. The Condo Act only requires a 30-year plan outlining future needs. However, looking beyond that 30-year span provides valuable insight into some of the more costly repairs and…
Read MoreStatus certificate red flags and how to avoid them
Your condo status certificate is reviewed by the lawyers of potential buyers. A healthy certificate encourages people to sign on the dotted line. Therefore your condo board should know how to avoid the following status certificate red flags. High or Rising Common Expenses High or rising common expenses can discourage buyers on tight budgets. While…
Read MoreElevate Your Condo Concierge Service & Improve Resident Relations
A condo concierge service provider has a difficult job. While most serve as a monitor for the comings and goings of the building, the lines of their role are easily blurred. As a result, some concierges see themselves as authority figures, yet others feel more like receptionists. This can put a strain on concierge and…
Read MoreTop Five Condo Lawsuits and How to Avoid Them
Condo owner disputes happen. And it can happen in any condo. Though when not properly handled, they can lead to costly, time-consuming condo lawsuits. However, if you are familiar with the top five lawsuits condo boards and Toronto and the GTA property management companies face, you can take steps to avoid them. 1. Failure to…
Read MoreWhat Condo Boards Should Know About New Short-Term Rental Laws
Most condo boards followed the ongoing struggle between “ghost hotels” operating through services such as Airbnb and housing advocates dead set against them. Following a battle that began in 2016, the advocates finally won out. On September 3, 2020, new laws cracking down on Toronto short-term rentals came into effect. New regulations now restrict short-term…
Read MoreHow Condo Boards Can Successfully Introduce New Pet Bylaws
As pet owners, we love our pets. As a result, introducing new pet bylaws to pet owners can be tricky for condo boards. However, with a clear understanding of Section 58 of the Condominium Act, you can successfully pass new pet bylaws with little opposition. The Condo Act and Pet Bylaws Your biggest challenge for…
Read MoreNEWS SPOTLIGHT: CPO Management Inc. featured in ACMO’s Condominium Manager Magazine
Check out our latest feature in the Association of Condominium Managers of Ontario (ACMO) Condominium Manager magazine, where we discuss the impact of governance and management on the condominium lifestyle. Key takeaways from our discussion in the article are: A united front between the condo boards and the property managers is vital in meeting the…
Read MoreImportant Facts Every Condo Board Should Know About the Online Dispute Resolution System CAT
The moment your condo board encounters an owner dispute – you want a resolution pronto. Conflict and disagreements can lead to legal battles and more time and money spent. The Condo Authority of Ontario (CAO) provides support to condo owners and board members to help create happier, healthier condo communities. Not surprisingly, one of their…
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