Condo Smarts: Be sure to review depreciation reports every year

Dear Tony: Our council recently put two items on our agenda at our annual general meeting to approve contingency funds for repairs and upgrades. One was the roofing on our eight townhouses and the other was a scheduled upgrade to our fire safety systems in our highrise.  The roofing was for $135,000 and the fire safety upgrade was for $22,000. Both these items were in our depreciation report and recommended for 2018, so were passed by majority vote. However, an owner raised a very good question at the meeting: The report was last updated in 2015, so how do we know these amounts are accurate?    Read the Q&A……………..


Related Articles

MT Condominium Group responds to Toronto Star article “Killer Condo Fees”

We read with interest the article about Craig Gagliano, his views on condominium fees and how they lowered them by

Toronto turning to combination condo, long-term care home to help seniors stay downtown

Toronto seniors are struggling with a scarcity of quality long-term care beds and affordable housing units.  Soon, one downtown building

New Condo Rules Unveiled Today (MB)

The Manitoba government is introducing new rules designed to protect condo buyers.  The new Condominium Act wil extend the cooling