Since most stratas already contribute the 10% minimum to their reserves, this new regulation will have little or no effect on their business or fees
Dear Tony: Our annual meeting was Saturday and there was a lot of confusion around our annual budget and our contribution to our reserve fund.
In the end, the budget was approved and 10% of our annual operating budget was approved to the contingency. Could you please explain the regulations approved in simple language to help us clear up the confusion.There were no changes to the strata property act, these were changes to the regulations, which can be confusing if you do not read all provisions passed and when they come into effect.
These were simply house keeping changes to complete the amendments passed in November; however, there were two additional changes that will take effect in April and November. On Nov. 1, 2023, the changes that apply to the contributions to the contingency reserve fund take effect. You are correct, most strata corporations already contribute the 10% minimum to their reserves and this will have little or no effect on their business or strata fees.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
What can $500,000 get you in Toronto? A 400-square-foot basement condo townhomeGTAHomeHunt: What can $500,000 get you in Toronto? A 400-square-foot basement condo townhome. According to the listing history, the home has been listed four times since November.
Read more »
Buyer strikes out on two Calgary condos, hooks third on Christmas DayAgent’s client wanted a condo property that permitted short-term rentals in downtown Calgary
Read more »
Condo in Iconic Perfume Factory Lofts Hits the MarketA loft-style condo at 833 King Street West -- located in the iconic Perfume Factory Lofts -- has hit the market for $1,295,000.
Read more »
Three Condo, Rental Towers Proposed For Eglinton Avenue WestIf approved, this particular stretch of Eglinton would see its tallest building yet at 31-storeys, 11-storeys over its closest competitor. BHarchitects | realestate realestatenews Toronto
Read more »
Builder blames city as Toronto-area condo cancelledAccording to the Home Construction Regulatory Authority, 176 agreements were cancelled, out of a potential 246 units that were planned for the building
Read more »
Alberta condo owners petition province to be included in electricity rebate | Globalnews.ca'Probably half of the condo owners in the province have not been getting any rebates, so we don't think that's fair.'
Read more »