04-23-2021, 09:02 PM
(04-23-2021, 06:39 PM)plam Wrote:(04-23-2021, 06:36 PM)tomh009 Wrote: 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.
Quebec does require a contingency fund, but the rules are less rigorous, I believe a condo building can get away with 5% of the condo fees. In Ontario, if you're looking at a new or well-run building, the reserve contributions will be around 20% of the total, which is indeed more but not enough to explain the difference (the Ontario fees are a multiple of 2-2.5x of Quebec ones). However, the 5% is guaranteed to be insufficient for any kind of major repairs.
So, what else can be (substantially) less expensive in La Belle Provence?
- Hydro is definitely less expensive -- and this is a big cost in the summer (AC)
- Electric heat (at Quebec rates) is significantly less expensive than natural gas
- Don't know about water or gas costsÂ
- Smaller/older buildings don't necessarily have elevators or AC, saving utility and maintenance costs
- If the building has a unit reserved for an on-site superintendent, that can save cleaning/property management costs
- Some buildings do not have an outside property manager; the board will instead be paid (something)
http://manoir4.com/assemblees_generales.html