04-24-2021, 03:06 PM
(This post was last modified: 04-24-2021, 03:07 PM by danbrotherston.)
(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.
That is interesting, I had no idea it was so recent.
That being said, the situation without a reserve is not sustainable right? I wouldn't buy a condo that didn't have a healthy reserve fund. What happens when they need a new roof? That's just a recipie for a bad time.