(Eaton) Lofts at 276

[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.