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Category:
Financials
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A Uniquely Bad Situation - $1.75 In The Reserve Fund
Author:
Toronto Condo News
Publication date:
May 23, 2022
Article Summary:
YCC 82 is facing a decades-long financial crisis due to failing to address growing problems for more than 20 years. Owners rejected both a borrowing by-law and planned 2006 assessment. A recent Ontario Court decision has shed light on their current situation. The building is more than 50 years old and has a variety of problems, including water dripping, worn carpets, exposed wires, cracked windows, yellow paint, broken fixtures, and loose concrete. The building is in such poor condition that owners are unable to obtain a loan from traditional lenders to pay the special assessment.
The corporation has borrowed more than $8 million from private lenders and owes the City of Toronto more than $1 million for unpaid services. This is an unfortunate situation for owners who have neglected their home for too long.
Keywords:
YCC 82, Yonge and Charles Condominium Corporation 82, condominiums in Toront, condo buildings in Toronto, Yonge Street condo buildings, condos on yonge street toronto, condominium yonge street
Source Citation:
Toronto Condo News
A Uniquely Bad Situation - $1.75 In The Reserve Fund
May 23, 2022
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