Cheapest Countries per msn Article
Interesting article on msn.com featuring the cheapest countries to live in 2016. The real estate market is booming in Toronto, Ontario and Vancouver, B.C. so these two cities will definitely not be on this list. The Canadian Dollar is at an all-time low and foreign investors are flocking to buy real estate property in Canada.
Date: November 21st – CBC DocZone
Don’t Miss it
The Condo Game – a documentary examining the forces at play behind the fastest moving condo market in North America. Nov 21 on CBC Doc Zone.
This documentary from Bountiful Films examines the forces at play behind the fastest moving condo market in North America – Toronto – and discovers that the glittering glass hides a sea of troubles. The first startling revelation for many people will be how very much the condo market is focused on investor profit, not affordable housing. One expert even says that it’s really not primarily a housing market but a commodities play. And that means that average Canadians, just looking for a place to call home, are joining a game for which they don’t have the rule book. The Condo Game, Thurs Nov 21 on CBC Television’s Doc Zone
Follow “The Condo Game” on Facebook
The Condo Owners Association (COA Ontario) were delighted to work with Bountiful Films in their production of “The Condo Game” documentary
Follow iTunes the “Condo Xpert”
Posted in CBC, Condo Issues, Condo Property Management, documentary, DocZone, FYI, The Condo Act
Tagged board of directors, cbc, condo act, condo market, condominiums, documentary, fraud, government, highrise, municipal, north america
Another problem from Condo Owners, it never ends. It is a true shame that these types of things are happening to condo owners all over the province As you are aware, COA is involved in the condo act review and it has been a concerning process. There are substantial flaws in the process and the over 90% involvement of service related trades may be compromising the new recommendations for changes to legislation in particular the Condo Office where Condo Owners are expected to pay for Property Managers to be licensed yet they are employees of Property Management Firms who already receive monies for their contracts from Condo Corporations. If you are a Condo Owner “SAY NO TO CONDO OFFICE” it will cost you $$$ Millions of Dollars!! Where does it stop? Why does the contract not already include the services of license property managers from licensed firms.
In many situation it is the fault of the Board of Directors who allow Property Managers free rein to do as they please. In many cases we are also finding that there are concerns of kickbacks and overinflated contracts which are jeopardizing the financial stability of condo corporations. It could be from either Property Manager, the firms and/or Board. Unfortunately without condo owners standing up for their rights and joining COA; it is difficult to combat. The Board has a fiduciary responsibility to act in the best interest of the corporation. Property Management firms are only contractual services and the property manager is delegated by that firm to over see the operations of the corporation ONLY on the instructions of the Board. If you are a past board member you may have been in a position to force changes for a new company but again that decision would have to be with a majority vote so if there is no support of this decision then you may have to call a meeting with 15% owners and try to force changes. Many condo owners feel they may be ostracized and or have more conflicts by complaining but the situation will get worst and there may be concerns on your financials.
If the corporation has broken personal ownership items of a Condo Owner they should be responsible however the Condo Act is self governed which lends itself to abuse and a one side power against Condo owners in many cases. We wish we could give more positive answers to help Condo Owners but there are none because the Condo Act has tremendous Flaws!
COA is always looking for support and volunteers because if we can grow with a strong following as the Teachers Association or any other Associations only then will Condo Owners have a strong voice and government will have no choice but to listen without the constant influence of service related trades protecting their own interest. Condo Owners have to stand up for their rights, it is long overdue!
Are you protected?
Recently, Allstate Insurance Company of Canada and Abacus Data released some research that shows many condo owners are lacking critical knowledge about their insurance coverage, which could lead to costly mistakes.
Here are some of the major findings:
- 61 per cent of Canadian condominium (“Condo”) owners don’t know or incorrectly assume their building’s insurance will cover damage to another unit from water or fire that originated in their unit
- 74 per cent of Canadians looking to purchase a condo in the next few years don’t know what their personal insurance cover versus what the condo corporation’s insurance should cover.
- Only 39 per cent of condo owners and 26 per cent of condo buyers know that the belongings of a roommate or boarder are not covered under their personal condo insurance policies.
- 21 per cent of condo owners are not aware that the condo corporation’s insurance is responsible for incidents like falling concrete and shattering glass from condominiums.
As a condo owner, there are things you can do to make sure you are protected:
- Ask your condo board or management company to explain what the building’s insurance policy does or does not cover.
- Talk to your insurance agent about your policy. Being properly covered can prevent your getting stuck with the bill if your condominium’s policy falls short.
- Remember that damage done to your car in a garage or belongings in a storage locker are covered under your personal policy and not the building’s policy so you should ensure your coverage properly protects your car and any items you have stored in your locker.
- Right now we (COA) are partnering with Allstate Canada to help educate Canadians about their condo insurance. We’re running a contest to find a GTA Condo Hero – a concierge, security guard or property manager who makes a big difference to the lives of condo owners.
Posted in fire theft liability, FYI, insurance, The Condo Act
Tagged allstate insurance, condo insurance, condo issues, condo owners, Condominium Information, fire, floods, liability, risk, theft
On behalf of the Condo Owners Association (COA) we would like to clarify some of the details outlined by MPP Rosario Marchese in Today’s Toronto Star. The Condo Owners Association which is a non profit Association representing and advocating for Condo Owners Rights is a Stakeholder in the Condo Act Review as announced on June 8, 2012 by the McGuinty Government. This Review is a three-stage collaborative approach with public engagement to modernize the Condominium Act. An up-to-date report of Stage One Findings and an overview of the process to include move forward measures can be found on www.COAontario.com under Condo Act Review.
The Province of Ontario contracted Canada’s Public Policy Forum to create an Advisory Group of experts in the condominium sector. There are several members of our Provincial Government; in particular Ministry of Consumers Services involved and there was a Resident’s Panel which included 36 randomly selected condo owners and residents from across Ontario for consultation. My own experience as the Founder President of the Condo Owners Association includes 17 years as the President of 2 Condo Boards, 33 years as a Realtor and as a Director and Government Relations Chair of a Real Estate Board. I founded COA understanding the problems and difficulties over real world experiences, challenges and solutions in new vs resale condominiums to include warranty coverage (Tarion) and investment value vs maintenance fees vs reserve funds to identify the need for a long term sustainable future for all condominiums.
The Advisory Group includes condominium service related trades representation and their Associations and new construction representation from Builders and Associated Associations however their expertise has assisted in identifying concerns on the present Condo Act and potential resolutions. The Condo Owners Association involvement provides 100% representation and advocacy for Condominium Owners.
COA has submitted numerous recommendations to be included in the new Condo Act, some of which MPP Marchese has identified in his Private Members Bill however he does not cover all of the necessary requirements. We have to consider both new and resale condominium requirements depending on the situation at hand. We may put an onus on the new building occupancy and registration side of the equation but at the same time, there are concerns with existing buildings relating to their age, condition and present financial situation. The Condo Act is very complex and it is not a simple solution to just have a Tribul. In fact we see a Tribunal as an expensive and complicated process with unlimited time loss for resolution and potential conflicts not getting resolved in the interim while everyone waits in line.
COA would like to see the revised Condo Act include a strict mandate of consumer protection measures whereby Board of Directors fine process for non-compliance of the Act to ensure good governance and transparency, Government Licensed Property Management Firms and Property Managers; third party holders of Proxies to prevent the present day abuse and fraud plus good dispute resolutions and a series of other important changes. While we commend MPP Rosario Marchese for his initiatives with the Private Members bill; the Condo Act is too complex and needs the structure of this Advisory Group of Professionals who are involved on a day to day bases in the Condominium world. We originally had concerns on the possibility of biased recommendations however we have all developed a high level of working respect. The Condo Owners Association stands strong to represent and advocate on behalf of Condo Owners. If there is one complaint that has surfaced time and time again is the apathy amongst Condo Owners. One important point is to remind Condo Buyers and Owners to educate yourself about condominiums. The COA website provides you with an excellent resource of information.
If you are a Condo Owners please register with COAOntario www.COAOntario.com We have COA Divisions across the Province www.COAtoronto.com if you are in Toronto.