FINANCIAL STRUCTURE OF A CONDOMINIUM
What determines your Maintenance Fee?
The Condominium Financials includes the operating budget, surplus of funds, contingency funds and the reserve funds of the Corporation. The maintenance fee for each unit is assessed in relation to the square footage of the unit, parking and locker (if included). The Budget will include all of the expenditures based on a fiscal year of operations. Continue reading
Where is the Accountability?
With more than one million condo owners in Ontario, one would assume that something as important as the Condo Act would be taken a bit more seriously by the Government. With so many individual’s having personal and financial stakes in the review of the Condo Act, where are those who speak for the little guy, the condo owner?
The current Ontario Liberal government has put into a place a review process that is not only lacking on information but also lacking on proper feedback outlets. In the current technological standard that we hold in Ontario, it is inexcus able for the Government to have such a low sample size. From over one million condo owners, the Government has chosen to place only 10,000 individual into a lottery. From that lottery, ONLY 36 individuals will be chosen to participate in focus groups. Out of a possible one million condo owners, does that sample really match the numbers? Does that sound like proper representation?
A greater outreach is needed to be put in place. Outside of the focus groups, the Government should have online options for feed back. Online forums, online surveys and information pages need to be put in place and promote to push condo owners for input. Talking to a group of such small size in this day and age does not make sense. Condo owners not only need politicians who understand their needs but also someone who is brave enough to stand up for their rights.
People in Ontario need to wake up to what is going on. The review of the Condo Act does not only affect Condo owner, Condo Dwellers and Developers, but also store owners, restaurant owners and other small business that make up the areas around Condos. Rather than making it a hunt for votes and one upping other political parties, what Condo Owners really need is a party who will look out for them. Accountability is hard to find, we just need to vote in politicians who do not run away from it.
Posted in Condo Issues
Tagged accountability, bad management, board of directors, condo act, condominiums, condos, high fees, maintenance fees, property management, protection, rip off