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EV charging station at a condominium

Funding EV charging station upgrades through a condo reserve fund: It’s complicated

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When the federal government recently announced under the Electric Vehicle Availability Standard that by 2035, all new vehicles sold in Canada would need to be zero-emission (e.g., electric), many environmentalists cheered the ambitious mandate. Critics wondered how Canada’s electrical grid would meet increased demand when electric vehicles (EVs) take over Canadian roads and highways. Condominium …

Funding EV charging station upgrades through a condo reserve fund: It’s complicated Read More »

Condo building highlighting condominium audit deficiencies

Common condominium financial statement deficiencies—and how to avoid them

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It goes without saying that condominium corporations have significant and complex financial reporting responsibilities—many of which are overseen by volunteer boards of directors staffed by unit owners who may or may not have accounting or financial management expertise. Because condominium corporations are required under the Condominium Act, 1998 (the Act) to publish financial statements each …

Common condominium financial statement deficiencies—and how to avoid them Read More »

Empty desk showing condominium manager shortage

Why the property manager shortage is a risk to condo communities

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A recent Globe and Mail article shed light on an ongoing crisis for British Columbia condominium communities: a shortage of qualified property managers. This shortage isn’t limited to the West, however. Ontario’s condo communities are facing similar shortfalls, with the potential for serious financial implications. Why? The province is home to more than 11,700 condominium …

Why the property manager shortage is a risk to condo communities Read More »

Stairs representing condominium inflation

Inflation is putting a strain on condominium corporation budgets. Here’s how to manage the financial risk

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While inflation may be a boon to some in the economy, it can be highly problematic for condominium corporation budgets and condominium boards, especially where reserve funds and maintenance-related costs are concerned. Recent inflation hikes of 8 per cent or more should serve as a wake-up call to condominium communities, many of whom have been …

Inflation is putting a strain on condominium corporation budgets. Here’s how to manage the financial risk Read More »

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