Status Certificate Review: Keeping a condominium corporation's status certificate up to date is not always an easy task. The irony is that the condominiums that often require more constant updating of their status certificates, whether because of litigation, major repair projects, or other matters, are often the ones that have the most outdated certificates. Condominium corporations are required to keep their status certificates current and the information contained therein should reflect the status of the corporation as of the date that it is issued. We recommend that management and the board of directors review the condominium's status certificate on a monthly basis to determine if any new items should be disclosed and/or whether any outdated matters should be deleted from the status certificate. It may also be wise to arrange for a semi-annual review of the status certificate by the condominium corporation's solicitor. Treating the status certificate as a living tree and keeping it up to date will save the corporation the costs associated with urgent, last-minute calls to the solicitor for clarification as to whether a matter should be (or is) adequately disclosed in the status certificate.
Increased Cost of Living? In November, Statistics Canada announced that Ontario's annual inflation rate climbed higher than many economists' expectations, accelerating to 2.8%. Among the items that Ontarians are paying more for in 2014 than they did in 2013, include shelter (3.8% increase), food (2.3% increase), clothing (6.1% increase) and energy (5.1% increase). For condominium corporations, the increased inflation rate is likely to have a direct impact on their finances, as the costs for labour, utilities, insurance, and other services are likely to increase in the coming year. Boards of directors should keep the inflation rate in mind when preparing annual budgets and should budget accordingly, including adequate increases to the contributions allocated to the reserve fund. Often, the annual inflation rate serves as a good benchmark of the minimum increase that a board should consider to the common expenses.
And the Winner Is...Congratulations to Paulette M. Walker, of Del Property Management Inc., on being the winner of our group's draw at the 18th Annual ACMO/CCI-Toronto Condominium Conference. Paulette will receive a copy of Audrey Loeb's book The Condominium Act: A User's Manual (4th Edition). Thank you to everyone who attended our both at this year's conference and congratulations to the ACMO/CCI-Toronto members for yet another successful conference.
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