Building deterioration is a fact of life. Smart building owners make sure they have a plan for all the predictable repairs and replacements their property will need. Across Canada, condominiums, strata corporations, and coproprietaires use reserve fund studies to guide their plans for future funding.
For condominiums, a reserve fund study is a legal requirement in almost every province and territory in Canada. A reserve fund study is your plan for preserving your condo, from roof to foundation and from curb to fence. This plan allows you to start saving now to help avoid large future special assessments. Your condo board will be able to make informed decisions that will protect your investment. You can learn more about reserve fund studies on our FAQ page.
McIntosh Perry is one of Canada’s oldest and most trusted providers of reserve fund studies. We provide reliable capital expenditure plans for residential, commercial, institutional, and industrial buildings.
Ask for a free proposal for your next reserve fund study today. Call toll free 1-888-348-8991.
Why Choose McIntosh Perry for your Reserve Fund Study?
There are many factors that set us apart from other reserve fund study companies.
- Over 45 years of experience. We have been helping condominium developers, managers, and owners since 1972 and started reserve fund studies before they were legislated in the 1990s.
- Nationwide expertise. Our national team of structural, mechanical, and electrical engineers, technicians, and technologists have decades of collective experience in their fields. Jonathan Juffs, the director of our Condominium/Strata Group, co-authored “Reserve Fund Essentials”, a layperson’s guide to reserve fund planning and control.
- Easy to understand reporting. We work with you to create a report that is easy for boards to understand, with clear explanations in everyday terms. We go well beyond to ensure that the sea of spreadsheets are helpful to the condo managers, board members, and owners. On request, the head of our condominium group can visit with your condo board to walk them through the report, answer any questions, and demonstrate in real time the effects of changing various funding and cost assumptions.
- Competitive pricing. We do hundreds of studies every year, and the efficiencies we’ve developed, enable us to do them for a surprisingly reasonable cost.
- Accurate cost projections. Because we’ve done many thousands of studies, we have a massive database we can use to determine life expectancies of building assets in a variety of real world conditions. We keep a close eye on how repair and replacement costs change over time.
- An extensive list of trusted contractors. Should you need them, we can provide you with recommendations based on our actual experience with contractors. Should you ask us to manage your repair or replacement project, we’re also happy to work with your preferred contractors.
- Notice of Future Funding Preparation. Once the plan is approved, our reporting process includes providing a Notice of Future Funding for inclusion with status certificates, distribution to owners, coordinating with auditors, and ready reference during the day-to-day operations of the condo.
- Further long term planning. Currently, reserve fund studies must look 30 years in the future. We look further down the road, and give you an idea of what to expect 40 years and beyond.
It all adds up to a complete package that helps make the job of both property managers and condo boards easier.
Types of Reserve Fund Studies
We provide all classes of reserve fund studies, as determined by your provincial regulations. For example, in Ontario, we provide:
A full study that includes all study elements (outlined here). A Class I study is required when a condominium first incorporates, and periodically after that depending on which province you live in.
An updated study that includes a site inspection. Periodically, a very thorough review and update of the study is needed to confirm life expectancies in real world conditions.
An updated study without a site inspection. These generally alternate with Class II studies. The basis of the update is the record keeping of the corporation since the prior study.
The new information certificates require that statements be made about the reserve fund balance relative to the plan. To assist, we offer quarterly reviews to ensure that an independent third party supports any statement being made, acknowledges the implications of deviations from the plan, recommends smaller more frequent adjustments if needed, and makes the mandatory updates more manageable.
Generally, a condominium can expect to do one type of study or another every three years. If you’d like to learn more about reserve fund studies, please consult our FAQ page.
Peace of Mind – Now and For the Future
McIntosh Perry has the in-house expertise to efficiently provide all aspects of your study. Most of the expert consultants we need are all under the same roof. Our longevity in the field has created many professional affiliations to supplement any expertise that may be required.
Want to get more from your reserve fund study? Contact McIntosh Perry today – call toll free 1-888-348-8991.