Article Library
CONDOCENTRIC: Corporate Blue Jays Busting Urban Nests
The following excerpt is reprinted with permission of its author, John Sewell, former mayor of Toronto. The complete article first appeared in Eye Weekly Magazine on June 20, 2002, and addressed the increasing challenge of hotel-like businesses operating within residential condominiums. One of the many issues that this situation raises …
CONDOCENTRIC: RESERVE FUNDS - Investments
The new Condominium Act created a number of changes in Reserve Fund management. There have also been changes in legislation governing Trust Fund management (including reserve funds), which provide further guidance to Boards. The information below integrates and summarizes these “guidelines”.
…CONDOCENTRIC: BORROWING
Many condominiums are receiving reserve fund studies that recommend large special assessments to fund major repairs and replacements that will be necessary either immediately or in the next few years and borrowing can be part of the answer to the dilemma posed by the requirement to raise funds with the …
CONDOCENTRIC: Payment Error Should Be Corrected
Question:
Our board ordered 15 security cameras to monitor our 200-unit townhouse, at a cost of about $30,000. Even though our annual budget is close to $1 million, and we have a reserve fund of $500,000, the board found it necessary to make a special assessment of $150 for each …
CONDOCENTRIC: Residents In Water Over Floods In Unit
Question:
We reside in a downtown condo on the 30th floor. Above our ceiling are the pipes from our building. During the past six months we have had four floods in our unit. Two caused minimal damage (warped cupboards, soggy carpet) and two caused more extensive damage (leaks on our …
CONDOCENTRIC: Ask The Pros - External Vents, Balcony Enclosures, Insurance Trustees, and Short-Term Rentals
Question:
Please outline the steps that a condominium board can take to limit, control or even stop short-term rental of units. We have on unit in our complex that is rented out, fully furnished in much the same way as an executive suite, on short-term stays – three months at …
CONDOCENTRIC: Record Keeping
Imagine the following scenario: a condominium corporation spends tens of thousands of dollars to carry out balcony repairs over several years. The cost for each instance of repair is relatively small, as the repairs are carried out on an as-needed basis; however, the overall amount spent is significant. The repairs …
CONDOCENTRIC: Discretionary Borrowing
The discretionary borrowing authority, found in many existing borrowing by-laws passed under the Condominium Act, R.S.O. 1990 (the “old Act”), is necessary to allow a condominium corporation to meet its short-term financial obligations without resorting to the premature liquidation of its investments. While investments are generally scheduled to mature to …
