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Turning around Bad Condo Boards – Two condo corporations with different outcomes

Toronto Condo News
Publication date:
February 25, 2019
Article Summary: 

Two Toronto-area condo corporations have been operating poorly for so long that residents are unable to see when someone does the right thing. One Toronto-area condo corporation had kept condo fees too low for too long, failed to adequately fund the reserve fund and allowed reserve fund studies to under-represent the scope and cost of work necessary to maintain their building. A new condo director began inquiring about recent financial inconsistencies and manipulation of funds and forced a recalculation of reserve fund items known to be underfunded and pushed the board to raise condo fees to a full funding level. The director was not re-elected and the reserve fund preparer was not replaced. A multi-year plan was implemented to resolve ongoing roofing problems, but some owners objected to having funds sitting in the reserve fund not earning income.

A requisition meeting was held to remove the President, but a majority of owners supported the current President and plan. Conscientious condo directors may need to make hard decisions in opposition to everyone else, and failing to support them commits to repeating past mistakes.


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Source Citation: 
Toronto Condo News
Turning around Bad Condo Boards – Two condo corporations with different outcomes
February 25, 2019
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