Are Condo Owners A Privileged Few?

Condo owners are the same as other people who generally do not know how to get along. Think of war, racism, dishonesty, verbal or physical abuse for examples. As the original version of the Condominium Act began demonstrating this reality, condo owners asked the government to fix the situation it created. What comes first, the chicken or the egg? Hmmm. Thus a revised version of the Act was deemed necessary.

In a unique solution to save the average citizen a tax increase, two new agencies were instituted to deal with the problems. The Condominium Authority of Ontario (CAO) and the Condominium Management Regulatory Authority of Ontario (CMRAO)  are financed by the condo owners themselves. At the time of this writing, each condo owner pays a Loonie per month (reduced to 75 cents for 2020) through their maintenance fee. Their corporation forwards the monies as prescribed by the Ministry of Government and Consumer Services.

Just like all final sales, there is no refund or returns. The only way out from the fee is to list your condo for sale and stay away from this form of real estate.

Expanded information about these agencies is found in the latest Ontario Condominium Real Estate Governance post.

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