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matters, are often the ones that have the most outdated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any outdated matters should be deleted from the status certificate.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
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.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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Russell v. Township of Georgian Bay provides a useful reminder of the fact that while municipal officials sometimes appear to hold all of the cards in disputes with home owners, that is not always the case.
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