To understand what condominium management may evolve into, we have to look at our current challenges along with tools available or in development to address these needs.
The recipe for creating an ACMO 2000 certification is no doubt long and requires many ingredients that may be hard to obtain. As a recent ACMO 2000 certified company, Capitalink Property Management Ltd. (“Capitalink”) certainly went through this journey.
From a qualification perspective, condominium board members are typically not licensed brokers, risk managers nor insurance professionals. They are people from varying backgrounds, bringing different views to the table.
In this article, we will summarize some of the proposals that the government has already enacted and those that we can look forward to in 2020.
Reflecting on ACMO’s 42nd year of operation, the year was noteworthy for the many challenges and changes the industry presented, but more so for the achievements of our small but dedicated team of staff and volunteers.
Airbnb and other short-term rentals have been a hotly debated topic of discussion in Toronto and other major metropolitan cities, nearly since its inception in 2008. It is argued that the many conveniences offered by STRs, including their often reasonable prices and locations, have come at the expense of other residents in the City of Toronto, including those who reside nearby to STR units.
One recent term I heard was “managing expectations” and if there is one thing I struggle with it’s vague, trendy terms that have variable meaning. I had no idea what this meant until I started having face-to-face chats with owners, boards and contractors.
In this issue: Temporary reduction to CAO’s annual assessment fees to continue for 2020–2021; New Ontario Electricity Rebate; CAO Assumes Forms Responsibilities; Public Comment Closes for Proposals under the Condominium Act, 1998; and ACMO Member Renewals.
The industry continues to evolve and make immense progress. The role and responsibility of a condominium manager has kept pace and developed. Currently a career in condominium management is more rewarding than ever with the potential and opportunity for improved compensation being achieved through licensing and the RCM designation.
The annual Condominium Conference is the place to be for idea exchange and industry discussion. One session, in particular, assessed the very real issue of a shortage of property managers and how this will impact condominiums in the future. Here, in a special to CM magazine, are the assessments of two of that session’s presenters – Tanya Haluk and Brad Wells, RCM.
ACMO’s Manager of the Year Award is presented to a Registered Condominium Manager (RCM) who has demonstrated an extraordinary commitment and dedication to professional condominium property management. This year’s recipient is Alexander Vainshtein, RCM of Malvern Condominium Property Management.
Shining the light on those in the condominium management profession.
Heraclitus, a Greek philosopher, has been quoted as saying “change is the only constant in life.” In the world of condominium management, change certainly has been the norm since November 2017. With the vast number of changes inflicted on us since that time, condominium managers (CMs) have had to evolve very quickly.
In 2000, ten ACMO Corporate member management companies completed the inaugural certification process and became ACMO 2000 Certified. Among the early adopters of this ground-breaking program were DEL Property Management, Larlyn Property Management Ltd., Malvern Condominium Property Management, M.F. Property Management, Provincial Property Management and Tag–The Active Group.
The fundamental problem, I believe, is that condominium insurance just isn’t sufficiently profitable for the insurers. I think the reason is that the premiums are based on the risk of large claims (say, insured losses of $100,000 or more) … and in actual practice condominium corporations often have many smaller claims.