04-23-2021, 10:06 AM
(04-22-2021, 11:25 PM)nms Wrote: 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.