Estimated reading time: 2 minutes
Some condo owners in my community are no different from other people around the world who occasionally appear not to know how to get along but manage to survive living together with others nevertheless.
Think of war, racism, dishonesty, bigotry, hubris, verbal or physical abuse for examples. As the original version of the Condominium Act demonstrated this reality, some (?) condo owners asked the government to fix the situation it created by legislating this type of housing. A revised version of the Condominium Act, 1998 was deemed politically necessary 17 years later. To make everything better.
In a unique solution to save the average citizen a tax increase, two new agencies were instituted to deal with the perceived problems. The Condominium Authority of Ontario – CAO and the Condominium Management Regulatory Authority of Ontario – CMRAO are financed by condo owners themselves without exemption. At the time of this writing, each condo owner pays a Loonie per month through their maintenance fee. The fee was reduced to $0.75 monthly for 2020 and will remain the same for the 2021-2022 year. Their corporation forwards the monies to the govern mint as prescribed by the Ministry of Government and Consumer Services – MGCS.
Just like all final sales, there are no tax refunds or returns. The only way out from the fee is to list your condo for sale and stay away from this irresistible form of real estate.
Expanded information about these agencies is found in the latest Ontario Condominium Real Estate Governance post along with the problems the civil servants are tasked to resolve and some current solutions.
Auditor General of Ontario
2020-12-07 – Value-for-Money Audit – Condominium Oversight in Ontario
Value for money? Ontario Auditor General slides down the rabbit hole into Condoland. Read this excellent industry report about how government agencies are or are not fulfilling their legislated mandate for protecting condominium owners. Besides, has the board of directors you elected to look after your best interests read it? How do you know?