Search results for: special assessment
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 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 MoreToronto Condo Elevator Crisis And How To Manage It
Condo corporations are under the gun as complaints of broken elevators rise. However, a shortage of trained elevator technicians in Toronto continues to compound the issue. Even simple repairs can put a condo elevator out of commission for days. As a result, condo boards feel the wrath of condo residents tired of the inconvenience. If…
Read MoreCondo Board Affairs: How to Avoid Unexpected Holiday Issues
The holidays can present unexpected issues difficult for a condo board to resolve. However, with a little planning and these tips, you can ensure these issues are avoided. Distributing Holiday Bonuses to a Condo Board Scenario It’s the season of giving and your condo board decides to hand out bonuses. However, residents aren’t happy their…
Read MoreHow Condo Committees Increase Your Board’s Productivity
When condo boards become overtaxed, it makes it difficult to remain productive. As a result, many important tasks can fall by the wayside. Budget management, social planning, and fee collection are areas where boards can fall behind. Luckily, condo boards have an excellent resource available in their fellow residents. Creating condo committees to assist with…
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 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 MoreNews
INDUSTRY NEWS PROPERTY MANAGEMENT RESOURCES That’s Just the Cost.” What Condo Boards Should Ask Instead (And Why It Matters) Constantly rising costs in Ontario is our reality now in Ontario. If you’re on a condo board, you’ve … Read More Are You Overpaying? 7 Hidden Cost Centres in Condo Budgets Most Boards Never Question If…
Read More