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Toronto Condo News
Publication date:
November 1, 2023
Article Summary: 

The article titled "Out of Money" discusses the issue of financial challenges faced by condominium corporations. It highlights the importance of maintaining adequate reserve funds to cover unexpected expenses and major repairs. The article addresses common reasons why condominium corporations may find themselves in a financial crisis, such as insufficient reserve fund contributions, poor financial planning, or unexpected emergencies. It emphasizes the need for proactive financial management, including regular reserve fund studies, budgeting, and implementing cost-saving measures. The article also provides suggestions for addressing financial difficulties, such as special assessments, loans, or cost-sharing initiatives with unit owners. It emphasizes the importance of transparency and communication with unit owners to ensure their understanding of the financial situation and potential solutions.


Financial challenges, reserve funds, unexpected expenses, major repairs, financial crisis, reserve fund contributions, financial planning, emergencies, proactive financial management, reserve fund studies, budgeting, cost-saving measures, special assessments, loans, cost-sharing, transparency, communication, unit owners.

Source Citation: 
Toronto Condo News
November 1, 2023
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