(Eaton) Lofts at 276

[panamaniac]

I'm familiar with the practice in bilingual cities, but it does seem a bit odd in the Kitchener context.

Ever more cosmopolitan and sophisticated? 

[taylortbb]

Construction is progressing well on Marche Leo's. All the new lighting just went up in the past couple days, and the duct work is pretty recent too. Looking forward to shopping here in a few months. The space is definitely looking a lot nicer than it has in a long time.

   

[Coke6pk]

I remember further up in the thread was discussion about accessibility at the entrance, and the step outside these doors made it problematic.

I passed by the other day, and noticed to the left of this stairwell is a hallway that takes you to a door at the corner of King/Water -- where there is no step up into the building. So it looks like they have thought about the accessibility access (assuming a lift is placed beside these stairs)

Coke

[Bytor]

I wonder if the condo fees for the Eaton Lofts will ever drop? Or does that that condo corporation have too much debt to get out from underneath? Geographically speaking, it would be my ideal place to live.

[tomh009]

I wonder if the condo fees for the Eaton Lofts will ever drop? Or does that that condo corporation have too much debt to get out from underneath? Geographically speaking, it would be my ideal place to live.

There are two units currently listed, one shows condo fees of about $1.05 and the other one at about $0.50 -- every unit should be the same so I don't know which one is correct. $0.50 is easily in the normal range. (64 Benton, which also has a reserve fund deficiency, is a at about $1.30 -- and, as a result, quite inexpensive on a per sq ft basis.)

You can request the condo corporation financials from a buyer if you are seriously interested.

[taylortbb]

They seem to be consistently working evenings/weekends on Marche Leo's now. Lots of progress since a month ago, and the outside sign went up in the past few days.

   
   

[danbrotherston]

I wonder if the condo fees for the Eaton Lofts will ever drop? Or does that that condo corporation have too much debt to get out from underneath? Geographically speaking, it would be my ideal place to live.

Borrowing by condo corps is heavily restricted and regulated. It requires passing a bylaw, and has a set term, and cannot be used for operating expendatures.

So certainly the financial debt (if they have debt, I don't know that they do) will be something that will finish up.

Operating expendatures can always go up and down depending on board policy. But reserve fund contributions (basically paying infrastructure debt) will depend on the building.

I don't know what the situation at the condo is re their fees, but if the situation causing the high fees were legal costs and a lack of a tenant on the first floor, I'd say those situations have resolved, and fees will at least stabilize.

Unfortunately, given the massive hike in construction costs this year, (not to mention operational costs from COVID) I don't think it'll be happening soon.

[nms]

Under the Condominium Act, 1998, a reserve fund must be kept that is adequate for the major repair and replacement of the common elements and assets of the corporation. (eg elevators, common areas, parking areas, windows, roofs etc). As they retire their legal debt, they may be enough in arrears of reserve fund contributions that it will take a while to get to a point where they can reduce their condo fees.

[danbrotherston]

Under the Condominium Act, 1998, a reserve fund must be kept that is adequate for the major repair and replacement of the common elements and assets of the corporation. (eg elevators, common areas, parking areas, windows, roofs etc). As they retire their legal debt, they may be enough in arrears of reserve fund contributions that it will take a while to get to a point where they can reduce their condo fees.

It is important to keep in mind, that any increase below the rate of inflation is a reduction in fees. So even if the number goes up, fees can come down.

[tomh009]

Under the Condominium Act, 1998, a reserve fund must be kept that is adequate for the major repair and replacement of the common elements and assets of the corporation. (eg elevators, common areas, parking areas, windows, roofs etc). As they retire their legal debt, they may be enough in arrears of reserve fund contributions that it will take a while to get to a point where they can reduce their condo fees.

I'll make this a bit more specific.

Under the Condominium Act, 1998, a reserve fund must be kept that is projected to be adequate for the major repair and replacement of the common elements and assets of the corporation for the next 30 years.

The plan must be developed by a professional engineer and the corporation must follow it. If the current reserve fund is insufficient (given the projected future contributions) the contribution levels will need to be increased -- and that will indeed impact the condo fees.

[mastermind]

Under the Condominium Act, 1998, a reserve fund must be kept that is adequate for the major repair and replacement of the common elements and assets of the corporation. (eg elevators, common areas, parking areas, windows, roofs etc). As they retire their legal debt, they may be enough in arrears of reserve fund contributions that it will take a while to get to a point where they can reduce their condo fees.

I'll make this a bit more specific.

Under the Condominium Act, 1998, a reserve fund must be kept that is projected to be adequate for the major repair and replacement of the common elements and assets of the corporation for the next 30 years.

The plan must be developed by a professional engineer and the corporation must follow it. If the current reserve fund is insufficient (given the projected future contributions) the contribution levels will need to be increased -- and that will indeed impact the condo fees.

I had a co-op job once helping do these reserve fund studies.  They're quite in depth.  We would go to condominiums and look at every common element, calculate quantities, estimate the age and replacement date and cost of each, project ahead 30 years and then figure out what the reserve fund contributions need to be to pay for it all.  

Most were buildings from the 70's or 80's still on their original roof, windows, and parking lot, and these three items were almost always in really bad shape.  The recommended increase in reserve fund contributions in order to pay for them was usually quite steep.  I imagine it would not be fun to be on a condo board and be the recipient of one of those reports.

[danbrotherston]

I'll make this a bit more specific.

Under the Condominium Act, 1998, a reserve fund must be kept that is projected to be adequate for the major repair and replacement of the common elements and assets of the corporation for the next 30 years.

The plan must be developed by a professional engineer and the corporation must follow it. If the current reserve fund is insufficient (given the projected future contributions) the contribution levels will need to be increased -- and that will indeed impact the condo fees.

I had a co-op job once helping do these reserve fund studies.  They're quite in depth.  We would go to condominiums and look at every common element, calculate quantities, estimate the age and replacement date and cost of each, project ahead 30 years and then figure out what the reserve fund contributions need to be to pay for it all.  

Most were buildings from the 70's or 80's still on their original roof, windows, and parking lot, and these three items were almost always in really bad shape.  The recommended increase in reserve fund contributions in order to pay for them was usually quite steep.  I imagine it would not be fun to be on a condo board and be the recipient of one of those reports.

I mean, I don't know what the history on those buildings are, but hasn't it always been the case that those replacements were known and planned for? Certainly costs have increased beyond the planned increases, but they shouldn't be totally out of line.

[taylortbb]

I had a co-op job once helping do these reserve fund studies.  They're quite in depth.  We would go to condominiums and look at every common element, calculate quantities, estimate the age and replacement date and cost of each, project ahead 30 years and then figure out what the reserve fund contributions need to be to pay for it all.  

Most were buildings from the 70's or 80's still on their original roof, windows, and parking lot, and these three items were almost always in really bad shape.  The recommended increase in reserve fund contributions in order to pay for them was usually quite steep.  I imagine it would not be fun to be on a condo board and be the recipient of one of those reports.

I mean, I don't know what the history on those buildings are, but hasn't it always been the case that those replacements were known and planned for? Certainly costs have increased beyond the planned increases, but they shouldn't be totally out of line.

Current rules around reserve fund studies I think came after those buildings, as a result of the problems a lot of condos ran in to.

[tomh009]

I had a co-op job once helping do these reserve fund studies.  They're quite in depth.  We would go to condominiums and look at every common element, calculate quantities, estimate the age and replacement date and cost of each, project ahead 30 years and then figure out what the reserve fund contributions need to be to pay for it all.  

Most were buildings from the 70's or 80's still on their original roof, windows, and parking lot, and these three items were almost always in really bad shape.  The recommended increase in reserve fund contributions in order to pay for them was usually quite steep.  I imagine it would not be fun to be on a condo board and be the recipient of one of those reports.

I mean, I don't know what the history on those buildings are, but hasn't it always been the case that those replacements were known and planned for? Certainly costs have increased beyond the planned increases, but they shouldn't be totally out of line.

The reserve fund studies and the 30-year requirement did not come into play until the act was proclaimed in 2001. And there might have been a transition period, too. Prior to that, many condos had reserve funds but they were not regulated, and many of them would have been insufficient to meet the current 30-year requirement.

[plam]

The reserve fund studies and the 30-year requirement did not come into play until the act was proclaimed in 2001. And there might have been a transition period, too. Prior to that, many condos had reserve funds but they were not regulated, and many of them would have been insufficient to meet the current 30-year requirement.

As a comparison point, Quebec condo fees look tiny compared to Ontario condo fees. I don't think there's a similar requirement in Quebec.