From the Winter 2017 Issue
Newsworthy
Licensing, the CAO, and more
November 1: A Day For Ontario Condominium Professionals to Remember
On November 1, 2017 it became official that professional condominium property managers across Ontario would be required to have a licence. Condominium management companies are now also required to hold a licence effective the same date. It is certainly positive that this historic date occurred during ACMO’s 40th anniversary year. Members of ACMO’s board of directors have long worked with the Ministry of Government and Consumer Services to achieve this milestone.
Mandatory: Corporations Must Register with the CAO
Condominium corporations in Ontario have until December 31, 2017 to register with and pay the initial assessment fee to the new Condominium Authority of Ontario (CAO).
You may designate a board member or your condominium property manager to register the corporation. There are two ways to register a corporation with the CAO: A corporation will be provided by mail with direct login information or an invitation code. Please check with your manager/management company if you have not yet received this information.
You will remember during the Condominium Act review process that the fees assessed to each condominium corporation have been calculated based on the equivalent of $1 per voting unit, per month. According to the Condominium Act, 1998, the total assessment fee for each condominium corporation is to be added to the common expenses. Individual condominium owners are to be charged based on the percentage that they contribute to the common expenses, as set out in the condominium corporation declaration.
If your corporation is not registered and fully paid by year end, you may be ineligible for services under the Condominium Authority Tribunal. You may be subject to prosecution under the Act as well as interest charges. Register at the CAO’s website https://www.condoauthorityontario. ca/en-US/register
Condominium Board Signs Airbnb Deal
A Toronto condominium board has signed Canada’s first-ever agreement with short-term accommodation renter Airbnb. The agreement between Neptune and Airbnb under Airbnb’s Friendly Buildings program took effect on November 1. The agreement was tailored specifically to the Neptune condominium with unique measures in place that include increased security that requires renters to have governmentissued ID on file with Airbnb; Neptune’s concierge and security have access to a website that shows who is hosting at any given time; and a revenue sharing agreement whereby five percent of rental revenue will be shared with the board. Critics are saying that the deal makes the condominium effectively a hotel.
CM readers can expect more on this story in 2018.
Close to 2 Million Canadians Live in Condominiums
Statistics Canada Census data confirms that the condominium lifestyle is popular and growing across the country. Figures released from the 2016 Census state that almost 1.9 million Canadians live in condominiums. Of those, nearly two-thirds own condominiums and the balance are renting condominiums.
Canada’s Tallest Building Under Construction
Canada’s tallest building is officially under construction. It will include restaurants, retail, a hotel and condominium suites. The 82-storey structure, called The One, will reside at the southeast corner of Bloor and Yonge Streets in Toronto.
