The Trifecta of a Dysfunctional Condominium Corporation

The article highlights the case of York Condominium Corporation No. 82 (YCC 82), which faced financial and operational troubles due to mismanagement and neglect spanning several decades. The condo's poor state of repair resulted in the approval of a significant special assessment to cover repairs, leading to financial hardship for its owners. The article discusses YCC 82's options under the Condominium Act, such as special assessments, borrowing funds, termination on consent, or termination on sale. It emphasizes the importance of adhering to the reserve fund study and proper financial management to avoid such predicaments and maintain the building's integrity and financial wellbeing.