Condo Owners Forum

"It's about community. It's about bringing people together. It's about creativity and service. It's about making the community in which we live a really good place to be." - In Miscellaneous Quotes, by Andy Stoll

Home COFSAB Forum Condo Owners Forum Q&A Misinformation or disinformation

  • Misinformation or disinformation

    Posted by Condo Owner on April 12, 2022 at 1:03 pm

    The Treasurer of our condo Board circulated this statement in writing to all Owners. Is this an accurate claim? “CONDO LAW states RFund contributions should be at $2000/unit per year & double that to $4000/unit for an older build .”

    Thank you

    Condo Owner replied 4 months ago 3 Members · 4 Replies
  • 4 Replies
  • Brian

    Member
    April 12, 2022 at 4:24 pm

    No, there is no provision under the Condominium Property Act for that.

    The Act requires that a Reserve fund study be undertaken every five years and that a reserve plan be tabled by the Board every year, but no specific amounts are prescribed.

    • Condo Owner

      Member
      April 13, 2022 at 4:07 pm

      Thank you.

  • Terry

    Member
    April 12, 2022 at 6:04 pm

    I agree with Brian.

    When someone says that “condo law states…” ask them for the section of the Condominium Property Act (CPA) that they believe applies. Here is the link to the Queen’s Printer.

    https://www.qp.alberta.ca/documents/Acts/c22.pdf

    Other legislation that may be of assistance in your condo in other areas, are the bylaws and the Condominium Property Act Regulation, also available from the QP.

    Reserve funds are very important in the long-term. Plans should be updated each year. We understand that a large percentage of condos have underfunded reserves.

    • Condo Owner

      Member
      April 13, 2022 at 4:08 pm

      Thank you for the replies Brian & Terry.