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What 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 MoreWhat You Need to Know About A Condo Reserve Fund
One of the most important aspects of a condo board’s responsibilities is managing financials. This can be a challenge if condo boards don’t have a financial expert on the team. However, all boards have a budget prepared each year, usually by a condo management company. Condo management experts provide invaluable input when it comes to…
Read MoreHow condo property management companies can identify the need for urgent repairs during COVID-19.
With self-isolation rules in place, your condo complex is working at full occupancy. That means residents might start to scrutinize their units a little more closely. They also might be using their appliances more often. These new norms could lead to issues with higher demand for “urgent” fixes. So what does the urgent services request…
Read MoreCOVID-19: How Boards and Property Management Companies in Toronto Can Protect the Most Vulnerable Residents
Condo maintenance became a lot more challenging with the arrival of COVID-19. The City of Toronto calls for heavier duty cleansers and cleaning schedules. In addition, property management companies in Toronto and beyond have the responsibility to protect the most vulnerable residents in their condos. Here is a list of the residents most at risk…
Read MoreHow to Run Great Virtual Meetings as Condo Property Management
In April 2020, Ontario Regulation 107/20 was amended to accommodate changes during the Covid-19 pandemic. This affects condo property management and includes guidelines on virtual condo meetings and voting. To help you to adapt to this new approach, here are 10 tips to run effective virtual meetings if you’re a condo adjusting to the new…
Read MoreHow to Register Liens for Unpaid Condo CEFs
Understand why registering liens is critical to the health of your condo corporation The Common Expenses Fee (CEFs) collected from condominium owners manage the costs of maintaining your condominium’s common elements. When owners fail to pay their CEFs, it can make a huge impact on the effective management of the property. Therefore, even during crisis…
Read MorePotential Solutions for Condos Deferring CEFs
As a condo owner who’s been affected by the COVID-19 crisis, you might be looking to reduce your monthly expenses. In fact, with the shutdown of condominium amenities, many owners might feel they have a right when it comes to deferring Common Expense Fees (CEFs). Unfortunately, there aren’t any existing statutory provisions to guide condo…
Read MoreHow to maintain essential services in a condo during COVID-19
The Ontario Government has issued an order for the closure of all non-essential workplaces during the COVID-19 crisis. Property management companies, boards of directors, and condo corporations that continue to operate and provide the essential services during these times need to clearly understand the specifics of the order. It’s important to ensure that you are…
Read MoreCOVID-19: How to introduce an electronic means bylaw for condos
The current situation and the social distancing rules makes it difficult for condominium boards and corporations to remain effective. Many condos have introduced telecommunication practices. However, this can present challenges when it comes to Annual General Meetings (AGMs), reaching quorum and voting situations. As a result, many condos are introducing an electronic means bylaw to…
Read MoreCOVID-19: Why condo corporations must continue to collect CEFs
As the coronavirus crisis continues, your condo corporation could come toe to toe with owners who feel that their common expense fees (CEFs) should be lowered or deferred. In fact, since their amenities have been cut off, owners might feel they no longer have to pay their CEFs at all. Unfortunately, this is not an…
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