A recent article in the National Post outlined the need for condo corporations to update the Reserve Fund Study every three years. According to the The Condominium Act of Ontario, reserve fund studies must be completed every three years, and failure to do is a breach of the Act. As a current owner or potential buyer, you have the right to confirm whether a reserve fund study or update has been completed.
The goal of Reserve Fund Study is to ensure that the condominium corporation has enough funds to cover major repairs and the replacement of common assets, such as windows, the boiler, carpets, security system and the roof. Reserve Fund Studies are divided into three categories. Class 1 must be completed within the a year of a condo registration. Class 2 includes a site visit but a Class 3 does not. Class 2 and Class 3 should be conducted alternatively every three years.
If you are looking for a Reserve Fund Study, McIntosh Perry’s building sciences team has years of experience providing them for various condos across Ontario. To find out more, please contact us or visit here to find an office location near you.
To read the full article from The National Post, please visit here.