We are proud to announce that our team members, Ryan Griffiths and Lyndsey McNally, served as advisory panel members for the Condominium Authority of Ontario’s (CAO) recent report on reserve funds. This report is a comprehensive analysis of the state of reserve funds across Ontario, highlighting the importance of these funds in maintaining the long-term health of condominium communities. As mandated by the Condominium Act, 1998, all condo corporations in Ontario must have at least one reserve fund, separate from their operating account, to cover the cost of major repairs and replacements of common elements and assets.
The CAO’s report sheds light on key trends affecting reserve funds, including inflation, contribution levels, and owner awareness. It emphasizes the critical role that an adequately funded and well-managed reserve fund plays in preserving the value and sustainability of condominiums. The findings are based on surveys conducted with over 700 condo corporations and nearly 6,000 owners, revealing valuable insights into the current state of reserve funds and identifying areas for improvement.
The CAO’s commitment to enhancing support for condo communities is evident through this extensive research, developed in collaboration with advisory panels and pilot groups, including key industry stakeholders. This work aims to guide future planning and support for condo corporations, ensuring that reserve funds are healthy and sufficient to meet their long-term obligations.
