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Question: In the past three years, our monthly condo fees have jumped from $450 per month (in 2019) to $530 per month (in 2020) to a whopping $650 per month (in 2021). As well, the board has told us that our reserve fund is too low. Some of the money from our monthly condo fees will be used to play catch-up for our reserve fund. Are these increases legal, and what is the required amount for our reserve fund? Please help!
Answer: Yes, the increases are legal. There is nothing in the Condominium Property Act that provides any direction with respect to increases for condo fees or the required size of a capital reserve fund. The amount in the reserve fund will vary from condominium building to condominium building. The amount is generally determined by a reserve fund study provider (eg. engineer) who conducts a reserve fund study and provides that information to the board.
Condo fees are a case of pay me now or pay me later
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Board s out-of-state meetings questioned
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Investment through cryptocurrency platform Kraken believed to be the first physical purchase of Bitcoin by a Canadian condominium company
REGINA, SK, March 17, 2021 /PRNewswire/ - Thornton Place Condominium Corporation ( Thornton Place ), a Condominium Corporation incorporated pursuant to
The Condominium Property Act, 1993 (Saskatchewan), today announced that it has purchased 0.4 bitcoin for its reserve fund with $25,000.00 (CAD) in cash at an average price of approximately $62,500.00 (CAD) per bitcoin, inclusive of fees and expenses.
To ensure the security and efficiency of the transaction, Thornton Place worked with the cryptocurrency platform Kraken.
This represents the first of an ongoing series of planned purchases, with Thornton Place having allocated an additional $700.00 per month to the purchase of future bitcoin on an ongoing and indefinite basis.