We can only share detailed financial information with owners and potential owners.
Condo fees are due for the month on the first of the month.
Condo fees are primarily used for;
Contributions to the reserve fund,
Snow removal and landscaping,
Maintenance and upkeep on the common property,
Insurance on the common property,
Professional Fees (Audit & Legal), and
Administration expenses.
As a self managed board, we strive to use condo fees effectively and efficiently.
Annually, the board prepares an operating fund budget of the expected costs of the corporation for the next fiscal year. We also look at the balance in the reserve fund, and the reserve fund plan, to set the contributions to the reserve funds for the next fiscal year.
The total amount to be collected is then allocated to units based on 1/10 of the total, and assessed to each unit monthly.
The completed budget will be sent to owners, along with a statement outlining any change in condo fees.
If you are signed up for to pay your condominium fees monthly through Electronic Fund Transfer, there is no need to sign a new form with the new amount.
No.
A notice of monthly condominium fees will only be sent if there is an increase in condominium fees. Such notice will be provided at least 10 days prior to the increase. If you are signed up for the Monthly PAD option, you do not have to complete a new PAD form.
A notice will also be sent on overdue condo fees.
Condo fees can be paid either:
annually with 12 post-dated cheques,
or through a monthly Pre-Authorized Debit (PAD)
We have a preference if owners would set up payment using the PAD option, as it saves the Treasurer a montly trip to the bank.
The form to set up the monthly PAD is available on the documents & forms page of our website.
Cheques can be made out to:
Condominium Corporation No. 172 3300
These can be paid through a one time Pre-authorized Debit (PAD), if the amount is less than $1,000. The PAD form for one-time payments is available on the Documents & Forms section of the website.
They can also be paid by cheque.
To cancel your PAD, or make changes to your banking information, please complete a new PAD form, and forward it to the treasurer, at least 10 days before the scheduled withdrawal (1st of the month for condo fees). If not forwarded to the treasurer within this time-frame; you will be responsible for any associated banking fees.
Any NSF or similar fees will be charged bank to you.
In addition, as your fees will now be in arrears. This will result in various collections actions taken against you, as outlined below.
If an owner don't pay their condo fees, we won't have the funds available to pay our expenses.
We have some operating reserves available, however, as each owner represents 10% of the monthly condominium fees received, a non-payment by one owner could put the corporation into financial difficulty,
The corporation could have to increase the monthly condo fees for all owners, or pass a special assessment, to ensure sufficient cash flow, until you pay,
In order to collect from an owners, the corporation has the following powers;
Interest will accrue on all amounts owing at 12%, starting 10 days after the due date,
If you are renting out your unit, we may demand that the tenant pay funds directly to the condominium corporation, before any funds are paid to the unit owner,
We can demand condo fees for the remainder of the fiscal year be paid immediately, and
The corporation can place a lien on your unit,
This lien will be in preference to any existing mortgage,
We will request payment of the lien by your existing mortgage company,
Your existing mortgage company may pay out the lien to us,
They may call your mortgage, or
They may foreclose on you,
While there is a lien on your title;
You may have difficulty in selling your unit, and
You may have difficulty obtaining or renewing a mortgage,
We will use the lien to commence court action and foreclose on your unit.
You will be responsible to pay:
The original assessment,
Interest at 12%,
The cost of placing the lien,
Any additional costs, including legal fees and/or court costs, incurred to collect the funds.