Aggregating the real estate of condominium commentary, opinion, tragedy and truth being told to the public. Buy into the author’s thought or sell your own. For legal advice, consult a professional condominium lawyer.
It is not uncommon for owners to associate and identify their condominium with the marketing/project name the developer provided for the condominium project. Knowledge and use of the condo corporation’s legal name (for example, Toronto Standard Condominium Corporation No.1234) is often not used by owners. The author of this post sheepishly admits that he only recently learnt the legal name of his condo corporation, four years after ownership! Source: Joseph Salmon, Lash Condo Law
Like Little Towns. In speaking with friends who serve on municipal Councils and Boards, I am struck by the utter disbelief they display upon hearing of the lack of accountability of our Boards of Directors and Property Management Companies and of the baffling lack of “enforcement” on the part of the Ontario Government. Each and every one, without exception, has stated that if the antics of some Directors, Officers and Property Managers of some condominium Corporations were to occur in the sphere of “municipal governance”, those responsible would be facing the scrutiny of the Ministry of Municipal Affairs and Housing, the Ministry of the Attorney General and investigations by provincial auditors and regional and provincial police services. Source: CAFCOR, Canadian Alliance for Condominium Owners Rights
Some Helpful Thoughts to Help Everybody to Get Along Source: unknown, CCI – Canadian Condominium Institute
Artificial intelligence technology may soon be ready to improve on management of condo buildings. Source: Toronto Condo News
An expert shares common financial planning problems as well as possible solutions
Even before 2001, when the current Condominium Act started to require reserve fund studies at least once every three years, the industry was grappling with how to make the best use of this financial planning tool. In broad strokes, a reserve fund study is prepared to identify reasonably foreseeable repairs or replacement of the physical assets of the corporation and create a funding plan that can accommodate the associated expenditures. Source: Bruce Davidson, MediaEdge Communications Inc.
Toronto housing market has witnessed a large population buying condos either for settlement in attractive neighborhoods of the city or to invest in property. There are several things to consider before purchasing one. The most basic of these factors include- locality of the development, transport, interiors, amenities, and most importantly, the budget range of the condo purchase. Source: Jordan, Precondo