Condominium Manager Magazine

Residential properties are an important asset, whether owned as a primary residence or an investment. When they are condominium properties, several people with varying interests influence the decisions to maintain the common elements that impact the asset’s value.

Construction price inflation has been significantly higher than consumer inflation over the last three years. Reserve fund study updates completed this year and in 2024-2025 will have to reflect this significant increase in costs even for those projects that are in the distant future.

While gas stations are abundant, Electric Vehicle Charging Systems are in short supply, so the federal government has introduced the Zero Emission Vehicle Infrastructure Program to help fund the installation of EVCS across the country. The funding is available via various delivery organizations and can cover up to 50% of project costs to install EVCS in commercial, industrial and multi-unit residential buildings, including condominiums.

Like newborn babies, a newly registered condominium corporation quickly goes through a number of developmental milestones on its way to becoming a fully functioning building. Many of these milestones occur within the one-year period following either registration or turnover. This article summarizes some of these key developments.

The connections you make during a networking event will provide information, referrals, or opportunities for the future. Networking isn’t just crucial in today’s business world; it’s necessary!

In Ontario, every new residential condominium built and sold comes with a seven-year warranty that starts on the condominium corporation’s registration date. For that reason, it is important for you as a condominium manager to be aware of the age of your condominium, as certain warranties and protection may still apply to the common elements.

2023 will be an important year for townhouses, row houses, low-rise condominiums, and the fight against greenhouse gas emissions. This year, generous grants are available to replace old windows with new, state-of-the-art, energy-efficient ones.

Despite the age of a condominium corporation, the common issue is that financial shortfalls directly affect the individual owners within the community. When inflation and interest rates surpass income growth for most individuals, overcoming this challenge is more difficult.

When older communities were constructed, they did not benefit from the decades of cumulative condominium experience that we have access to now. It was indeed the “wild west,” with the first corporations, boards and various industry professionals planning a future with limited experience and few points of reference.

While there are certainly differences in managing older housing stock vs. new, there are also many similarities. The life cycle of a condominium corporation comes with unique challenges in managing each stage.

As condominium buildings age and land values continue to escalate, some condominium corporations are now considering the possibility of selling all the units and common elements of their condominium site when approached by condo developers with an agreement of purchase and sale.

Long-term performance, efficiency and the overall quality of a condominium strongly correlate with specific actions and procedures put in place early in a building’s life. From inception, a condominium must be guided in the right direction, and its future market value may be traced back to the actions taken or not taken during the pre-turnover period and the first couple of years following registration.

Recognizing condominium management professionals who have achieved a higher standard.

Shining a light on an ACMO 2000 Certified Management Firm choosing to offer a higher standard of service to elevate their business.