Search results for: common
Condo Insurance: Why Now Is The Time Boards to Plan For Insurance Challenges
As more buildings in the GTA age, the risk for major issues such as water damage rises. Here we explore the world of condo insurance and why now is the time your condo board should plan for insurance challenges. Insurable Losses and Your Reserve Fund Your reserve fund pays for “foreseeable” major repairs and replacements…
Read MoreHow To Avoid Mistakes When Reopening Condo Amenities
While the entire city of Toronto lets out a collective sigh of relief as restrictions ease, your condo board might find itself ill-prepared for the grand reopening condo amenities. Here we offer tips to help avoid mistakes as you prepare for the reopening. Keep Tabs On Progress Because the government is being extra cautious this…
Read MoreHow To Be Prepared for The Post COVID Workforce
Wondering what your condo workforce will look like post COVID? Here we offer tips for creating a hybrid model for a productive, happy workplace in the post-pandemic world. The Hybrid Model Although different expectations from your management, staff, and residents can make the transition more difficult, it also presents a unique opportunity to create a…
Read MoreFind The Best Reserve Fund Study Provider for your Condo
Reserve Fund Studies provide important guidance for your board’s financing and maintenance plans. As such, you want to know your reserve fund study provider gives you as many insights as possible. Here we offer tips to help you find the best reserve fund study provider for the job. When Reserve Fund Study Providers Consider Inflation…
Read MoreHow To Keep On Top Of Your Condo’s Garage Maintenance
If your condo’s parking garage is over 20-years old, you should develop a five-year schedule for condition assessments. This proactive approach allows you to make incremental repairs resulting in more manageable garage maintenance costs. Here are the tests you should be applying every five years. Delamination Testing: Chain Drag and/or Hammer Tap Survey While this…
Read MoreCondo Community Garden: How to Avoid Unexpected Challenges
A trend toward urban agriculture and condo gardens is opening up new concepts for condo designers. It’s also opening up new avenues for condo boards to discuss the option to create condo community gardens. However, with new concepts come unexpected challenges. Here are some tips to help your condo board avoid those challenges when creating…
Read More10 Things Condo Boards Should Know about Smoking Complaints
Smoking complaints – they happen in every condo. The question of smoking in condos continues to fuel the flames of conflict for condo dwellers. As a result, condo boards should understand what they can do when complaints arise. Here are 10 things condo boards should know about smoking complaints. 1) Smoke Free Buildings to Curb…
Read MoreHow To Use Reserve Fund Planning To Avoid Underfunding
You would think regular reserve fund studies help condo boards avoid underfunding their reserve funds. However, many boards contribute the bare minimum of 10% of the operating budget towards the reserve fund in accordance with the Condo Act. As a result, underfunding poses long-term financial problems difficult for boards to resolve. Here’s how reserve fund…
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…
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