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  • Misinformation or disinformation

    Posted by Condo Owner Scott 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 Scott replied 1 year, 10 months ago 3 Members · 4 Replies
  • 4 Replies
Please spread the word!
  • Unknown 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.

    Please spread the word!
    • Condo Owner Scott

      April 13, 2022 at 4:07 pm

      Thank you.

      Please spread the word!
  • Terry Gibson

    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.

    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.

    Please spread the word!

    Misinformation or disinformation

    • Condo Owner Scott

      April 13, 2022 at 4:08 pm

      Thank you for the replies Brian & Terry.

      Please spread the word!

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