A community of about 200 townhouse condominium units has been told that $3.5 million is needed for renovations and individual unit owners will have to pay their share.
Country Lane Estates in Aurora, Ont. is a community of about 200 townhouse condominium units. Recently, the board of directors sent a notice to owners that $3.5 million is needed for renovations and individual unit owners will have to pay their share.
She pays $740 a month in maintenance fees and she has been told she must pay a special assessment of $19,687 by next month. Other residents at the complex also contacted CTV News with concerns about the special assessment but did not wish to be identified for the story. The Condominium Authority of Ontario is a group that tries to help condo owners, buyers, managers and directors deal with problems facing developments such as special assessments and the underfunding of reserve funds.
The Condo Owners Association is a group that also tries to advise condo owners on financial matters and said they are hearing more complaints about special assessments and escalating maintenance fees that are not topping up reserve funds.
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Ontario condo owners hit with $20,000 special assessmentCountry Lane Estates in Aurora, Ont. is a community of about 200 townhouse condominium units. Recently, the board of directors sent a notice to owners that $3.5 million is needed for renovations and individual unit owners will have to pay their share.
Read more »
Ontario condo owners hit with $20,000 special assessmentCountry Lane Estates in Aurora, Ont. is a community of about 200 townhouse condominium units. Recently, the board of directors sent a notice to owners that $3.5 million is needed for renovations and individual unit owners will have to pay their share.
Read more »