Condo owners at two Toronto buildings have been hit by demands for huge sums of money above their regular fees
In 2022, owners of condos at Guildwood Terrace received notice that they would need to pony up extra cash above their regular monthly fees to pay for a $12.5-million “building envelope” project that would include replacing all the windows in the complex’s two towers. The cost per resident ranged between about $25,000 and close to $50,000 depending on the size of the apartment. For some long-time residents of the building, which opened in 1992, the numbers come as a shock.
“It’s unfortunate it wasn’t caught with previous boards. I took it that it’s not uncommon; these things do happen,” he said. “Has it affected me? Sure: disposable income is a little bit less, that’s maybe one less trip a year. I’m paying $7,800 a year [in special assessment fees], for some people that’s a down-payment on a car.”
“With the new builds, we’ve been seeing a lot,” said Natalia Polis, an associate with Lash Condo Law. “Increasingly with new-builds the developer doesn’t allocate the correct or appropriate amount to adequately fund the reserve fund, so within a few years a reserve fund study shows they’re way under-funded.”
Whatever the reason, to say special assessments in any circumstance are unpopular would be an understatement. According to Ms. Ngo, about seven years ago a different board completed a large-scale project to fix the building’s balconies: residents had been gradually paying off a bank loan taken to fund this work through a monthly fee increase agreed at the time. But when a new board came in, Ms. Ngo said it was announced they would do a special assessment to retire a $1.9-million outstanding debt.
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.
City of Toronto report plans for changes to CafeTO to make it permanent - Toronto | Globalnews.caThe City of Toronto has released a report with proposed changes to the popular CafeTO program that will see it transition into a more permanent and sustainable program.
Read more »
Toronto mayor calls for national summit to tackle mental health crisis - Toronto | Globalnews.caTory says, coming out of the COVID-19 pandemic, the lack of federal and provincial spending on mental health is 'painfully clear' in Canadian municipalities.
Read more »
Blue Jays sign nine international free agents, eight from Venezuela, one from BrazilTORONTO — The Toronto Blue Jays agreed to terms with nine international free agents on Monday.
Read more »
Campbell River lifts evacuation order for condo building near landslideThe city will continue to work with geotechnical engineers to investigate the landslide, while a state of local emergency remains in effect.
Read more »
Man wanted after violent home invasion at condo in King West Village | CBC NewsPolice are searching for two men in connection with a home invasion that began with suspects blocking in a victim's car in an underground parking garage, forcing them up to their home at gunpoint and locking them in a room while they were robbed.
Read more »