CONDO Business - Spring 2025

Canada’s Most Widely Read Condominium Magazine

SPRING 2025 VOL. 40 NO.1

SUITE

SOLAR

Decarbonization

meets comfort at

The Well

PART OF THE

PM#40063056

Plus

Gardening committees.

Status certificates.

Condos and tariffs.

P A R T O F T H E

BUILDING

THE FUTURE

RESTORING

THE PAST

Trusted for over 65 years, we are your proven performer

within the Condominium Property Managers and

Commercial Real Estate Market. We’re proud to be your

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Find Inside

16 14

Feature

26 LIVING THE ‘SUITE LIFE’

AT THE WELL

Tridel unveils a solar-powered

condo unit—where comfort

and convenience meet

decarbonization.

By Rebecca Melnyk

26

Legal

6 TRIBUNAL WEIGHS CASE

INVOLVING MOTION-ACTIVATED

LIGHT

By Simon Brick

14 GARDENING COMMITTEES:

RISK OR REWARD?

By Ashley Winberg

Energy &

Sustainability

8 LEVERAGING ONTARIO’S

NEW REBATE PROGRAM IN

TOWNHOMES

By David Rames

44 PASSIVE PURPOSE

By Paul Kealey

Financial

Management

16 CONDO INDUSTRY BRACES

FOR INCREASED COSTS

By Rebecca Melnyk

22 CONDO BUILDS FACE TOUGH

LOAN CONDITIONS

By Barbara Carss

34 STATUS CERTIFICATE REVIEW

By Thomas Beattie

Maintenance

40 UNPACKING THE

PERFORMANCE AUDIT

By Ryan Haley

In every issue

4 EDITOR’S NOTE

50 NEW & NOTABLE

EDITOR’S NOTE

SPRING 2025 Vol. 40 No.1

Editor

Rebecca Melnyk

Art Director

Annette Carlucci

Graphic Designer

Thuy Huynh-Guinane

Solar Innovation

Rebecca Melnyk

Editor, CondoBusiness

rebeccam@mediaedge.ca

EENERGY. AIR. LIGHT. One condo developer has reimagined

these three elements of the daily living experience at

a new suite in downtown Toronto. The space uses renewable

energy, responds to circadian rhythms, and lowers

carbon emissions to create a healthy climate impact. The

clean-tech features are also said to cut energy costs and save

money in the long run.

Speaking of finances, condos across Canada are currently

navigating a complex and uncertain trade environment with

many moving parts. On top of unpredictable tariff policies,

corporations are already facing inflation challenges with

capital project planning and daily operational expenses.

Luckily, the industry is filled to the brim with sound advice.

Check out page 16 for tips about price escalations, reserve

funds, day-to-day costs, and financing options for condos

dealing with insufficient funds.

Our first issue of the year coincides with spring, a great

time to think about gardening. See page 14 for a look at the

legalities of volunteer committees. You will also find a crop

of other articles—from nuisances to energy rebates.

And since this time of year is all about rejuvenating, we

usher in a fresh new design for the magazine!

Happy spring!

Rebecca MeInyk

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Contributing Writers

Thomas Beattie, Simon Brick, Barbara Carss,

Ryan Haley, Paul Kealey, David Rames and Ashley

Winberg.

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4 CondoBusiness | Spring 2025

Expertise. Insight. Trust.

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have a deep insight into the building and how new systems

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President & CEO

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Neil Spence, Director of

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All of our projects are reviewed by senior engineers, each

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ensuring that our clients always receive engineering

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Engineering

Rob Niessl, P.Eng.,

Director of Engineering,

Northern Region

Robert Borovina, P.Eng.,

Director of Mechanical

Engineering

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mcgregor-allsop.com

Mark Dahmer, P.Eng., PMP

Mechanical Engineering

Principal

Ming Xiong, P. Eng.

Mechanical Engineering

Principal

LEGAL

Tribunal Weighs

Case Involving

Motion-Activated Light

BY SIMON BRICK

Subsection 117(2) of the Condominium Act prohibits condominium corporations and unit owners

alike from carrying on activities that create a nuisance, annoyance or disruption to individuals in

a unit or the common elements. Read together with Section 26 of Regulation 48/01, a source of

“light” may qualify as a nuisance, but only where it is “unreasonable”.

S

So, would it be unreasonable for a

condominium corporation to install

and maintain a motion-activated

light in the hallway outside a unit if

the owner is sometimes disturbed by

this light?

The Condominium Authority

Tribunal (CAT) considered this question

in its recent decision, Grimes,

Courrier v. Metropolitan Toronto

Condominium Corporation No. 864,

and found that a motion-activated

light was not unreasonable under the

circumstances.

In this case, two unit owners (the applicants)

claimed that new energy-efficient

lighting installed outside their unit door

created a nuisance that unreasonably

interfered with their use and enjoyment

of their home. The motion-activated

lights were designed to illuminate the

building’s garbage room and stairwell

doors only when activated (by motion).

As a result, the applicants were met

with a bright light several times a day

as they exited and entered their unit.

To determine whether the new

motion lights were unreasonable,

the CAT asked whether a reasonable

owner of MTCC 864 would consider

the motion-activated light in the corridor

adjacent to the applicants’ unit to

be unreasonable. Importantly, the CAT

stressed that the test for reasonableness

is an objective one and not based on the

subjective experience of a particular

unit owner.

In reaching its decision that the

motion-activated lights were not unreasonable,

the CAT considered the following

factors:

• The intensity of light;

• How the light fits with other lighting;

• Whether the motion activation is

disruptive or abrupt;

• The frequency with which the light

shines in the applicants’ hallway;

and

• The circumstances surrounding the

installation of the light.

Here, the fact MTCC 864 installed

the light to reduce energy costs and

increase safety for residents weighed

in favour of reasonableness. Moreover,

the CAT found that MTCC 864

took reasonable steps to address the

applicants’ concerns by, for example,

pointing the light more directly at the

garbage chute and switching the lights

to a softer intensity and warmer tone

to fit with other lights in the corridor.

This case highlights that in nuisance

matters, the CAT will consider all

relevant circumstances to determine

whether an activity is objectively reasonable.

Condominium living seeks to

balance the rights of individual unit

owners with that of the condominium

community as a whole. When

a condominium corporation or unit

owner alleges a nuisance, all parties

should strive to take reasonable steps

to assess and resolve it before taking

legal action.

Simon Brick is an associate lawyer at Davidson Houle Allen LLP in Ottawa.

This article originally appeared on Davidson Houle Allen’s Condo Law Blog in

February 2025.


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ENERGY & SUSTAINABILITY

Leveraging Ontario’s

New Rebate Program in Townhomes

BY DAVID RAMES

With energy costs continuing to rise, Ontario townhome owners are searching for ways to

upgrade efficiency and reduce monthly expenses. The Ontario Home Renovation Savings

Program, launched earlier this year, provides an opportunity on both fronts. Unlike other

programs that require a home energy assessment, certain rebates under this initiative, such

as those for heat pumps, solar panels and smart thermostats, are available without this additional

step, making it more accessible.



HEAT PUMPS, SMART

THERMOSTATS, SOLAR PANELS

AND BATTERY STORAGE

A

A key component of this shift toward

energy efficiency is the adoption of

inverter heat pumps, which provide

both heating and cooling in a single

system. As a highly efficient alternative

to traditional gas furnaces and

air conditioning, heat pumps reduce

household energy consumption while

maintaining indoor comfort year-round.

Cold-climate air source and groundsource

heat pumps are particularly wellsuited

for Ontario winters.

Recent advancements in heat pump

technology are dispelling the myth that

heat pumps aren’t suitable for extremely

cold climates. Federal and local governments

have taken notice and are propagating

the adoption of heat pumps by

offering incentives for homeowners to

make the upgrade.

The Ontario Home Renovation Savings

Program offers rebates that vary based

on a home’s heating source: homeowners

who primarily heat with electricity

can receive up to $7,500 for upgrading

to a cold-climate air source heat pump,

while those who heat with natural gas

can receive up to $2,000. By switching

to an energy-efficient heat pump, townhome

owners could potentially reduce

their energy consumption and lower their

monthly utility costs.

Beyond heating and cooling, the

program covers modern energy efficiency

solutions, including solar panels and

battery storage. When solar panels are

paired with battery storage, excess solar

energy can be stored for later use, ensuring

a reliable power supply even during

outages or peak demand periods.

Ontario’s rebate program provides

financial incentives for homeowners

Spring 2025 | CondoBusiness

9


who install solar and storage solutions, with

rebates calculated at $1,000 per kilowatt (kW)

of installed solar capacity, up to a maximum

of $5,000. Battery storage systems qualify for

a rebate of $300 per kilowatt-hour (kWh) of

storage capacity, also capped at $5,000, but

only when installed in combination with a new

solar panel system. Standalone battery installations

are not eligible for rebates under this

program.

Smart thermostats also play a crucial role in

enhancing home efficiency by complementing

heat pumps. Owners can receive a $75 rebate

on the purchase of a qualifying smart thermostat,

which optimizes energy use. These devices

enable automated temperature adjustments

and remote access, allowing users to tailor

heating and cooling schedules to their needs.

By integrating features such as real-time

energy tracking and compatibility with home

automation platforms, smart thermostats

ensure that heating and cooling systems operate

at peak efficiency.

OWNER ELIGIBILITY AND VERIFYING

CONTRACTOR CREDENTIALS

The Ontario Home Renovation Savings



Program is particularly advantageous for

townhomes owners. Many of those built in

the surge of multi-family housing structures

following the Great Recession are due for an

HVAC upgrade, making the timing of this

rebate program ideal.

To qualify for a heat pump rebate, homeowners

must meet specific eligibility criteria,

including being an Enbridge Gas customer who

primarily heats their home with natural gas or is

connected to the Ontario electricity grid and uses

electric heating. Additionally, the property must

be a single detached, semi-detached, row house,

townhouse or mobile home on a permanent foundation.

New-build homes, condos, and multi-unit

residential buildings do not qualify, and the rebate

is applicable only to first-time heat pump installations.

While the financial incentives are compelling,

successfully implementing an energy-efficient

heat pump system requires careful planning and

expertise. Townhome owners should work with

certified and experienced contractors to ensure

compliance with program requirements and

optimal system performance.

Contractors must be registered with

the Home Renovation Savings Program

By switching to an energy-efficient heat pump,

townhome owners could potentially reduce their

energy consumption and lower their monthly

utility costs.

to facilitate rebate eligibility for their

customers, and owners should verify their

contractor’s credentials before proceeding

with installation — particularly for older

homes with outdated HVAC infrastructure.

Also, be sure that the heat pump you select

adheres to Natural Resources Canada product

lists and guidelines.

Although the Canada Greener Homes Grant

has ended, the Ontario Home Renovation

Savings Program ensures that residents still

have access to energy efficiency incentives.

Both programs align with Canada’s broader

sustainability objectives by promoting the

adoption of energy-efficient technologies,

such as insulation, heat pumps, and solar

panels. As energy costs continue to rise,

these programs provide a practical and costeffective

pathway toward a more sustainable

future.

David Rames is the senior product manager for Midea, a global innovator in HVAC solutions.

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11

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The XS4 Com iGO provides an

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Today’s crowded real estate market relies on strategic

solutions to elevate guest experiences and simplify

operations for property managers, owners, and

tenants. As technology continues to revolutionize so much of

the condo experience, modern intercom systems, like Salto’s

XS4 Com iGO leverage new tech like smartphones and QR

codes to allow for convenient two-way communication and

simplified access. As a hardware-free solution, XS4 Com iGO

facilitates secure visitor access and communication for a

seamless, superior resident and guest experience.

Along with improving day-to-day condo living, modern tools

like this one provide a tech-forward impression of the building

that can raise perceived value, save time, and attract a greater

number of tenants.

“XS4 Com iGO is a practical solution for properties looking to

enhance visitor access without the need for costly video panels

or new cabling infrastructure,” explains Preston Grutzmacher,

Residential Business Leader, Salto North America. “ Visitors use

their smartphones, while residents have the XS4 Com iGO app,

ensuring an incredible and secure access experience.”

• Convenience: The system makes communication effortless

with hassle-free access. Using your smartphone instead of

a dedicated intercom panel inside your unit means that no

physical installation is required. There’s also no need to pay

for replacement keys, fobs, or a locksmith fee for emergency

lockouts, so it’s simpler all around.

• Remote access management: Managing access to your unit

is easy, even when you’re not home. This system allows owners

HOW DOES XS4 COM IGO BETTER SERVE CONDO OWNERS?

By integrating a video door intercom system with the latest in access

control technology, XS4 Com iGO makes life easier for owners.

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to answer door calls, receive notifications when someone is

at the door, let in visitors for package deliveries, cleaning

services, or maintenance workers, and share temporary

access with guests without needing physical keys or fobs.

• Enhanced security: Rather than relying on the traditional

intercom voice access, video verification is complete before

allowing access, granting you complete control over who

is coming and going into the building as approved guests.

Not only can you see guests, but historical data is available

for your reference with a complete audit trail showing who

accessed the building and when.

XS4 COM IGO SAVES PROPERTY MANAGERS TIME

AND MONEY

Modernizing your building with smart solutions like the XS4

Com iGO means simplifying your life, increasing perceived

value, and saving time and money. Here’s how:

• Simplified management: Along with easily adding or

removing residents through the cloud platform, this system

streamlines managing multiple entrances from a single

system and configuring different access levels for various

users (residents, staff, visitors), saving property managers

precious time.

• Reduced infrastructure costs: Without expensive wiring

required throughout the building and no need to maintain

traditional intercom hardware in each unit, XS4 Com iGO

requires significantly lower installation costs compared to

traditional systems.

• Professional appearance: The condo market is competitive

and first impressions matter. Modern technology like

XS4 Com iGO creates an upscale impression and a clean,

minimalist entrance without bulky hardware.

• Enhanced building security: The system offers heightened

security by eliminating unauthorized key duplication and a

complete digital audit trail of all visitors, along with swift

and simple deactivation of access for moved-out residents.

• Emergency services access: Emergencies happen, and

property managers want to be able to act swiftly and

efficiently. This system allows property managers to grant

immediate access to emergency responders remotely for

critical situations where quick entry is needed.

monitor entry on-site. This system is accessible remotely,

even allowing managers to provide assistance via video

call if guests have trouble entering. And with the audit

trail that monitors exit and entry, all bases are covered for

seamless remote management.

• Operational efficiency: Saving time benefits all parties

and eliminating key management between guest stays,

remotely coordinating check-ins, and preventing lockouts

reduces the amount of staff required, allowing better time

management and labour allocation.

Technology is vital to today’s condo living. The XS4 Com iGO

system transforms condo building entry from an outdated,

hardware-dependent process to a modern, smartphoneenabled

solution that benefits managers, owners, and tenants

while enhancing security and convenience.

HOW DOES XS4 COM IGO SIMPLIFY SHORT-TERM RENTALS?

XS4 Com iGO is particularly valuable for condos used as shortterm

rentals by speeding up check-ins, making management

easier and limiting the time it typically takes for administration

with features like:

• Seamless check-in: Eliminating the need for physical

key handoffs and easily sending digital access credentials

directly to guests enhances the experience for everyone. To

further simplify the operations, time-limited access can be

controlled after the rental period, offering a worry-free way

to manage the process.

• Remote management: Managing rentals can be

demanding when you need to oversee guest access and

Salto is a leading global access solutions provider, developing

facility access, identity management, and electronic locking

technology providing seamless, reliable, and secure

experiences. For more information about Salto’s XS4 Com

iGO, please visit saltosystems.ca.

Gardening Committees:

Risk & Reward

Condominium corporations are often seeking innovative ways to enhance the aesthetic appeal

of their properties and foster community engagement among residents.

BY ASHLEY WINBERG

One effective approach is the implementation

of volunteer garden committees;

however, it is imperative that corporations

balance the benefits with effective risk

management strategies to ensure a safe

environment for all volunteers and to limit

the corporation’s exposure to potential

liability.

1

. Garden Committee Policy

To ensure that a volunteer garden

committee operates effectively and within

their authority, it is imperative that a corporation

first create a garden committee

policy.

This policy should outline the scope of

the committee’s responsibilities, including

specific tasks they are authorized to

perform and areas they are allowed to

work on. It should also detail the process

for selecting committee members and

the duration of their service. The policy


LEGAL

should also stipulate that every committee

member must provide the corporation

with an executed copy of the related

waiver and acknowledgement, which should

be included as a schedule to the policy, prior to

engaging in any committee-related activities.

2

. Waiver

Corporations owe a duty of care

under the Occupiers’ Liability Act, 1990,

R.S.O. 1990 c. O.2 to take reasonable

steps to protect people from foreseeable

harm while on the corporation’s common

elements. Corporations, however, can

restrict, modify and exclude this duty of

care vis-a-vie waivers of liability.

To mitigate potential liability, corporations

should require volunteers to sign a

waiver and acknowledgement that clearly

outlines the risks involved in the committee-related

activities to be undertaken and

state that volunteers assume responsibility

for any and all injuries or damage that may

occur in relation to the committee-related

activities that they take part in.

3

. Committee Chair

By appointing a member of the

board to act as the chair of the committee,

the corporation will be better

equipped to oversee committee activities,

ensure that it is complying with

the related policy, and promote effective

communication between the board and

the committee.

4

. Insurance

Acts and omissions of volunteers

may not be covered by insurance policies

that a corporation maintains. To get

around this issue, a corporation could

appoint individual committee members

as officers of the corporation vis-vis a

board resolution, in which case their acts

and omissions would thereafter likely be

covered by the corporation’s directors’ and

officers’ liability insurance.

To ensure that a corporation’s insurer

does not deny any potential claims under

the corporation’s general liability and property

insurance, it would be wise for a corporation

to notify its insurer of the gardening

tasks that the committee has been granted

the authority to perform, as well as the

policies implemented by the corporation

to manage the activities of the committee

and action taken to limit the corporation’s

exposure to potential liability.

By implementing the risk management

strategies discussed above, corporations

will be able to limit their risk exposure while

at the same time promoting community

engagement and improving the aesthetic

appeal of their property.

Ashley Winberg is one of the leading condominium lawyers in Ontario

and is the head of corporate practice at Pulver on Condos, which is a

boutique condominium law firm that provides specialized legal services to

condominium corporations and unit owners throughout Ontario. Ashley can

be reached at ashley@pulveroncondos.com.

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15

FINANCIAL MANAGEMENT

Condo Industry Braces

for Increased Costs

Tariffs bring another layer of volatility for boards

BY REBECCA MELNYK Higher inflation has impacted operational expenses, insurance, reserve fund planning and capital

projects, but the ongoing threat of tariffs is beginning to incite additional concerns within condo

corporations.


I

“It’s triggered a new wave of tensions

set to disrupt supply chains again and

fuel inflation, particularly in construction

and materials—right where it hits

your reserve fund planning,” said Will

MacKay, an investment advisor and portfolio

manager with CIBC Wood Gund.

With more volatility, condo boards

will need to balance rising costs against

long-term capital needs to ensure financial

stability for owners, he advised. Many

reserve fund studies already underestimate

the true cost of major repairs and

replacements due to material shortages,

labour constraints and construction

inflation. This concern was echoed

across a panel of speakers during an event

hosted by CCI Huronia on March 21.

“We may see some price escalations in

tendering; a recession could delay some

projects. Contributions may need to

increase sooner than planned, ” MacKay

added. “When inflation is above expectations,

your reserve fund planner is

going to put some increases in there to

get you back to that cost program you

should be on. This may mean you need

to accelerate your reserve fund study

update if you have a large project.”

Since the pandemic, many condo

corporations have already seen higher

prices for capital projects. Omar Khan,

market development manager at Normac,


particularly noted how inflation has

impacted insurance premiums and

reserve fund contributions.

Condos corporations should be

insured to full replacement cost.

However, the growth of these costs has

exceeded inflation.

He advises that condo declarations

have a clause in their insurance sections

about obtaining appraisals every year to

three years to guarantee they are properly

insured.

Capital project planning must also

account for inflationary pressures as

labour and material cost hikes continue.

“The challenge for condo corporations

is how to responsibly save for repair

and replacement of common elements

and systems, while setting up adequate

reserve fund contributions,” he said.

“Expenses coming out of these funds

may incur over a year and sometimes

decades, which means planning ahead

to ensure the right amount is contributed

annually is imperative.”

The availability of construction

labour is expected to decline for another

decade, creating a supply and demand

issue. BuildForce Canada estimates

nearly 300,000 skilled trade workers

will need to enter the industry by 2032

to meet demand amid a looming wave of

“It’s not a time to panic, but it is a time

for discipline.”

retirement. In Ontario, the average trade

worker is now more than 50 years old.

Demand for skilled labour will drive

up wages and, ultimately, the cost of projects.

Meanwhile, construction material

expenses are another impact.

“We routinely see month-to-month fluctuations

on a variety of prices; however, what

is most impactful when communicating to

your boards about the role material prices

play in construction cost increases is the

long-term trends,” noted Khan.

According to Statistics Canada,

between February 2020 and December

2024, there have been price increases of

between 25 and 45 per cent for materials

that condos use to a significant degree.

For instance, concrete, glass and other

non-metallic mineral products increased

by 37.7 per cent.

The total cost of projects, such as

window replacements, can drastically

increase when accounting for both high

levels of labour and materials. Condos

also use materials that contain petroleum,

such as asphalt shingles on roofing,

which adds more to the end cost.

Cement makers are already expecting

large increases over time. Tariffs may add

further pressure. “Every material is going

to be slightly different. We haven’t seen a

lot of price increases coming through yet,”

he said. “Right now, we’re seeing a slight

decrease in order of materials from the

U.S., but nothing at scale yet.”

To anticipate changes, condos can

obtain annual material-related costs

guides and forecasts from vendors and

share with board members.

“Ask your vendors and providers what

they’re doing to be proactively ready for it

and what impacts could be on a variety

of areas,” he advised. “We may be back

in the area of heightened inflation, which

has been on a reprieve over the last few

years.”


17


FINANCING OPTIONS

Some condos are either deferring work, imposing

special assessments or undertaking commercial

loans.

“More and more in today’s market we are

seeing shortfalls in amounts that condominium

corporations have already saved toward their

capital repair projects and an escalation in the

rate at which they have to save for future projects,”

warned Lyndsey McNally, director at

Condominium Lending Group and president

of the Toronto & Area Chapter of the Canadian

Condominium Institute.

If condos choose to defer a current project,

she suggests doing so very carefully. “Sometimes,

in order to push projects further into the future,

you might have to make interim or emergency

repairs that come at a cost. How does that impact

your overall savings plan if you’re introducing new

costs into your reserve fund study that weren’t

already there?”

Condos should also review how the cost of that

project will inflate over time and consider potential

effects on unit values. “The board really needs

to be mindful that they’re not making decisions

that limit the owner’s ability to get the best value

in resale and to protect and preserve the investment

they’ve put towards their home.”

Phasing projects over several years is another

strategy, one that comes with surprising costs,

while special assessments can also manage financial

shortfalls. “Boards of directors have authority

already built into by-laws to levy assessment for

extraordinary expenditures,” she said. “They are


able to collect it just like a condo fee with the same

protocols.”

However, boards are struggling to unexpectedly

impose this onto their communities due to

higher dollar values attached to special assessments

in today’s economy. McNally finds this isn’t

the fairest approach when considering reserve

fund legislation in Ontario.

“The whole purpose of the way we plan reserve

funding is that every condo owner in the corporation

pays their fair share of capital repair costs

over time,” she noted. “A special assessment

creates an imbalance where the current owner

becomes responsible for all these costs because of

past underfunding.”

Commercial loans could be a more affordable

option. “A loan can be taken out on behalf of the

condominium corporation and not individual

unit owners,” McNally advised. Doing so doesn’t

impact owners’ personal credit, the equity in

their homes, or their ability to borrow for other

personal reasons.

“The owners today in a condo corporation can

choose to allocate the costs of the project over

its useful lifespan,” she added. “This allows the

owner, now, to share some of the costs with the

future owners who also benefit from the work

done by the condo corporation.”

There are two loan structures to consider, the

first being a loan on behalf of all owners. “With

this structure we’re able to take advantage of some

of the cash flow in the reserve fund and slow down

the rate that condo fees need to increase, which

minimizes the impact of the loan repayment

through the condo fees, thereby reducing the

burden on the individual unit owner.”

In such a case, it’s important to consider

whether the condo fees will stay reasonably

competitive when compared to fees of similar

available real estate on the market.

Secondly, with a hybrid or opt-in-opt-out

loan, the condo levies a special assessment, yet

each owner can choose to pay the sum upfront or

participate in long-term loan repayments through

the condo corporation and future condo fees.

This approach drops a significant administration

burden onto condo corporations and creates

risk in the long-term management of prepayment.

As McNally explained, if the participating

owner wanted to sell the unit while the term is

locked in, they may want to pay out their obligation

rather than pass the loan payments onto the

future owners. The condo corporation will then

hold that as a liability to be paid out in the future.

The funds, however, must be managed correctly

to make sure they are still available to cover the

loan when it matures.

As well, there is no way to minimize the

impact of the loan repayment on the condo fees.

Participating owners would see immediate

increases in their fees.

BORROWING BY-LAWS

In order to borrow money, a condo corporation

has to pass a borrowing by-law, which requires

the consent of a majority of all units in the condo.

In this case, the board of directors won’t feel as

much burden from financial decision-making.


“The board doesn’t have to impose what they

believe to be the right strategy for their community,”

said McNally, adding that due diligence is

crucial when facing shortfalls for capital projects.

Boards should understand and consider all

options and be prepared with the accompanying

rationale.

STAYING ON TOP OF

OPERATING EXPENSES

Maryann Barrie, property manager with York

Simcoe Management Services, has been helping

boards navigate higher operating costs, particularly

with utility rate increases, insurance premiums

and labour costs for skilled trades.

“Over the past years, we’ve all seen increases

in operating expenses with some that have had

significant impact on annual budgets,” she said.

“As a property manager, I specifically work

towards ensuring the best value for the operating

cost through negotiation and bulk servicing

tactics, which is my main goal. I also work

towards proactive scheduling to support costsavings

measures, which help manage and optimize

expenses for my portfolio.”

She advises that condos actively negotiate

contracts with vendors to secure multiple-year

terms and lock in rates that protect against price

increases, as well as consolidate contracts for

landscaping, security and maintenance to reduce

overhead costs.

“One of the contracts I’ve implemented recently

is to include salt and sand winter maintenance as

opposed to a per-use application, she said. “By

doing this, over the last few years, it’s significantly

decreased the operating budget and gives a set

budget for my clients as well.”

A preventative maintenance program can

include maintenance schedules to avoid unnecessary

and unexpected emergency repairs, regular

inspections, which include reporting within

vendor contracts, crack repair in asphalt to

prolong the life of common elements, and reminders

and educational tips in newsletters, which also

extends to seasonal matters like air conditioning

units and hot water tanks.

To reduce the cost of energy-efficiency

upgrades and audits that identify opportunities

in lighting, heating and cooling systems, condos

can stay on top of incentives and programs by

building healthy vendor relationships. To reduce

facility consumption, owner education is key for

items like smart thermostats or irrigation timer

systems.

Condos are advised to update insurance

appraisals to avoid surprise increases in annual

insurance policy renewals and to add volunteer

and legal expense insurance coverages. Condos

can create volunteer committees, jumpstart

community events like “garbage bin days” for

waste management savings and introduce condo

management software to streamline processes

and reduce administration costs.

THE ROAD AHEAD

When integrating the impact of tariffs into operating

costs, there are many components creating

uncertainty, such as what will be affected

and how long tariffs will endure. According to

CCI B.C., tariffs are expected to have a minimal

impact in the next year, with general costs ramping

up for corporations later on in 2025 and at the

beginning of 2026.

“It’s not a time to panic, but it is a time for

discipline, MacKay cautioned. “The economic

road ahead may include rate cuts, recession

risk, international volatility, but with a

thoughtful approach to investing and reserve

fund planning, your condominium corporation

can remain financially healthy and well

positioned.”

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19

SPONSORED CONTENT

REGAINING CONTROL:

CCI TORONTO AND AREA CHAPTER

EDUCATIONAL SESSIONS

FOR BOARDS AND OWNERS

Board members feeling the pressure of explaining

increasing common element fees may feel an extra

pinch this year. Looming tariffs affecting labour and

material costs along with unpredictable inflation rates are

already a source of tension for communities.

One of the most difficult aspects of being a condominium

board member is explaining why a special assessment or

significant budget increase is necessary. Transparency

around financial planning requires a thorough understanding

of the complex decisions the board is making, and the

confidence to then be able to communicate those details to

owners — either at the next Annual General Meeting (AGM)

or on the common elements — is an integral role of a Board

member. Directors who can articulate the specific factors

driving costs reflect positively on the board, build trust, and

show proactive leadership.

BUILDING STRENGTH

It’s impossible to predict external events that could impact

your building, but internal preparation through constructive

education is key. Many condominium owners, especially

first-time buyers, can experience unexpected surprises

about the costs and responsibilities of condominium living.

That’s why it’s essential for both board members and owners

to educate themselves. Learning about condos doesn’t

mean you’re a geek, it means you are invested.

By joining organizations like the Canadian Condominium

Institute (CCI) Toronto, all unit owners benefit from

exclusive membership discounts and access to educational

sessions (both virtual and in-person) on condominium

operation and management. This is a valuable resource

which many owners are not aware of.

CCI Toronto’s educational sessions help boards

and owners understand the unique challenges facing

condominiums in the current fluctuating climate.

SMARTER FOR BOTH

INSIDE AND OUT

Board members walk

the tight line of not

wanting to increase

fees but needing more

money to fund the same

projects which are

already budgeted for. As

of the time of writing,

there is a very real

uncertainty about how

much everything’s going

to cost. Condominiums

operate on a zero-based

budget, theoretically

SPONSORED CONTENT

only collecting the funds needed

to support the condominium

throughout any fiscal year. When

there are financial restraints

outside of a board’s control which

cannot be planned for, how do you

anticipate these challenges?

Boards are trying to balance

their fiduciary duties while

keeping the fees affordable for

owners, yet Reserve fund Studies

are calling for more funding

than when the last study was

completed three years ago. Not

only that, but last winter took

a significant toll on buildings

in terms of water damage. The

harshness of the season resulted

in repairs above and beyond what

the corporation was likely predicting and hence planned for

in the year’s budget.

The Toronto and Area Chapter of CCI was created to help

boards and owners make conscious, insight-driven decisions

through education and discussion sessions, built to increase

awareness regarding the condominium industry and condo

living. For over 35 years, CCI Toronto has worked for the

betterment of condominium owners and those serving on the

boards of the many varied condos throughout the GTA.

MEMBERSHIP RENEWALS

CCI Toronto’s annual membership renewals run from July 1 to

July 30. This year, they are offering a 10% discount per year

on a 3-year membership. The chapter’s sessions for 2025

include how to make the most of reserve fund studies, the

inflation impact, and long-term financial planning through

loans and investments.

The Toronto and Area Chapter of CCI hosts a range of in

person and virtual events to accommodate all members.

Scheduled so far this year are:

• April 24 - Managing Major Changes - Pickleball event:

merging practical knowledge with a fun activity (In Person)

• May 21 - DC 108 - Repair, Maintenance and Change

Fundamentals (virtual) and in person on June 25:

Looking at the differences between the Act’s definition

of “maintain,” “repair” and “repair after damage” and

owner versus corporation responsibility.

• September 25 - Coffee with the Experts (accounting)

(Virtual)

• October TBD - Condo Horror Stories with Annual

General Meeting (In Person)

• November 21/22 – Condo Conference (In Person)

• December 5 – Holiday Event (In Person)

Board members and owners are encouraged to attend

these educational events, developed to help owners

understand the broader economic factors affecting

condominium costs.

CCI educational resources transform financial

communication from a potential source of tension to an

opportunity for collaborative understanding. For more

information, visit www.ccitoronto.org.


Condo Builds Face

Tough Loan Conditions

Development land also inspiring lender hesitancy

BY BARBARA CARSS Loan conditions are expected to be onerous for residential condominium developments again in

2025, following a year when many lenders pulled back on construction financing. Newly released

results from CBRE Canada’s annual survey of Canadian lenders finds them generally readying

to bid actively on commercial real estate deals in the coming months, but with somewhat less

enthusiasm for development land and condo construction.



The survey draws insight from questions

posed to 37 organizations —

including domestic and foreign banks,

credit unions, insurance companies,

pension funds and private debt capital

— that collectively have more than

$200 billion in commercial real estate

loans under management. Three

quarters of respondents plan to originate

more loans this year; a majority

intends to increase allocations to

purpose-built rental housing (both

existing and new construction), singlefamily

housing and data centres; and

some quotient, ranging from 10 to 48

per cent, has a larger budget than last

year for eight other asset classes.

“Lenders are feeling increasingly

good about every asset class with

the exception of the condo and land

market,” Jessica Harland, a senior

vice president with CBRE Capital,

reiterated as she presented some of

the survey findings earlier this week

in conjunction with the RealCapital

conference in Toronto. “What is really

notable, is that many lenders express

significant appetite for rental construction,

but very few of them noted intentions

to increase the exposure to the

land loans needed for the underlying

rental construction to happen.”

“Lenders are feeling increasingly

good about every asset class with the

exception of the condo and land market.”

Nearly 60 per cent of survey respondents

now categorize development

land as an asset class with cause for

concern, up from 35 per cent heading

into 2024. More than 40 per cent also

deem high-rise condo to be an asset of

concern, up from about 10 per cent in

the previous survey.

For 2025, 32 per cent of surveyed

lenders intend to increase their loan

budgets for high-rise condo, while 11

per cent say they’ll reduce condo loan

volume. No lenders plan to increase

their budgets for development land,

but 26 per cent expect to shrink them.

Meanwhile, deals for purpose-built


23


rental projects are more eagerly sought, with

86 per cent of lenders looking to extend more

financing for CMHC-insured construction

loans and 74 per cent preparing to offer more

funds for conventional construction loans.

The upward adjustment is partly reflective

of last year’s experience when more than half of

surveyed lenders exceeded their original 2024

targets for CMHC-insured deals. In contrast,

59 per cent of lenders fell below their targets for

condo construction loans in 2024.

“This is particularly troubling given that

high-rise condos are historically, in recent

years, accounting for much of our housing

supply,” observed Joshua Sonshine, senior vice

president with CBRE Toronto.

When surveyed in the fall of 2023, 72 per

cent of lenders gave notice that they’d be requiring

more upfront equity on condo construction

loans in 2024. For 2025, 52 per cent indicate

they’ll ratchet that requirement up further. As

well, 36 per cent of lenders say they’ll be looking

for higher deposits and shorter payment

schedules to secure the loan, and 68 per cent

will want to see the pre-sale of 60 to 79 per

cent of units. That latter condition is seen as

a growing challenge for financing, given the

year-over-year drop in sales levels in the new

condo market.

Meanwhile, falling land values have lenders wary,

with more than three quarters of survey respondents

suggesting that development land poses an elevated

or significantly elevated credit risk. To illustrate,

Harland noted that land purchased at $200 per

buildable square foot in 2021, carrying $100 per

buildable square foot of debt, might now be worth

about half of its original value.

“That puts the original land loan at risk

so the lending community’s hesitation is not



unwarranted. The risk that a lender may be

caught holding the bag is there,” she said.

“Land financing trends across Canada have

been significantly influenced by higher interest

rates, economic uncertainties and evolving

government policies. Lenders are hesitant

to mortgage development land due to factors

like uncertainty of the underlying value, risk

of non-completion of the project, zoning and

permitting issues, cashflow or lack thereof,

longer timelines and complexity of development

plans.”

VACILLATING DEVELOPMENT

COST FACTORS

Developers point to some factors that should

help improve the economics of some kinds

or new development and/or help cushion

the blow of tariffs the Canadian government

may be forced to impose on various building

products imported from the United States in

response to that country’s recent aggressiveness

around tariffs.

However, participants in an associated

industry panel discussion remain largely

focused on purpose-built rental projects in the

current market. Indeed, the slowdown in condo

production is seen as a major differentiator

from 2018-19 when the U.S. government triggered

a slate of retaliatory tariffs after it

imposed a 25 per cent tariff on steel imports

and a 10 per cent tariff on aluminum imports.

“The construction environment in Canada

was really different then. Condos were booming.

Everything was going hard. You couldn’t

find people to build,” recalled Ugo Bizzarri,

managing partner and chief executive officer

of Hazelview Investments. “Today is a little bit

different. The condo market is dead. Trades are

coming looking for work.”

Andrew Joyner, managing director, multifamily,

with Tricon Residential also cited

declining costs for trades, particularly for

forming, which he characterized as the “single

biggest line item of construction costs” along

with ebbing interest rates on construction

financing and expectations that land values

will drop further. “When you put that soup

together, we’re seeing the denominator of yield

on cost calculations shift down,” he said.

“We’ve actually started getting in the

ground in some development probably a little

earlier than we normally would just to take

Barbara Carss is editor-in-chief of Canadian Property Management.

advantage of the cost environment,” concurred

Rob Kumer, chief executive officer of KingSett

Capital. “That’s for sure a trend across the

board and that goes to offset some of the

threats of the tariffs.”

That tariff threat continues to be fluid due

to less-than-consistent messaging from the

U.S. about the start-date and comprehensiveness

of its purported measures. Reflecting on

the Canadian government’s initial list of CAD

$30 billion worth of countermeasures, should

they be necessary, Joyner hypothesized that

multifamily developers would see most of the

flow-through impact in new surcharges on

appliances, equating to about a 0.25 per cent

increase in total development costs.

In February, Joyner forecasted a 1 per cent

increase in total development costs if Canada

moved to a retaliatory tariff framework on steel

and aluminum, which is now the case. “If we

move to a retaliatory framework on all inputs

from the U.S., we think that’s closer to 4 per

cent of total development cost,” he added. “So,

in an environment where getting new housing

starts off the ground is hard, it’s not helpful.”

INSPIRING BY

DESIGN AND

INNOVATION

• Refurbishment and/or Design of:

• Corridors

• Lobbies

• Recreation centre facilities and change rooms

• Guest suites

• Party rooms

• All common area amenities

• Analyzing reserve fund study contingencies

• Project Budgeting

• Preparation of working drawings and specifications

• Preparation of tender documents

• Project/Construction Management

Learn more at jcoandassociates.com.


25

FEATURE STORY


FEATURE STORY

Living the

‘suite life’ at

The Well

Balconies with built-in solar panels, smart lighting that mimics

sunlight and air filters that remove indoor pollutants on demand

are a few of the technologies incorporated into a self-powered

condo unit dubbed the Current Suite. Located in one of Tridel’s

new downtown Toronto towers at The Well, the 1,080-squarefoot

residence is billed as the developer’s most eco-friendly

model yet.

GGraeme Armster, Tridel’s director of

innovation and sustainability, says it

focuses on health and wellbeing, and

reduces energy use and carbon emissions

through innovative technologies. The

design also builds upon lessons learned

from three previous innovation suites,

one of which is located in the developer’s

first smart condominium, Ten York;

another in Aqualina at Bayside, the first

high-rise condo in Toronto to earn LEED

Platinum certification.

“The world is trying to transition to

lower carbon energy sources, which right

now means electrifying as much as possible,”

he says. “The concern is that, as we

add more to the grid, we have to manage

it more effectively and that’s where the

energy efficiency comes in.”

A solar-powered battery can supply

half of the suite’s daily electricity

consumption. Solar panels take up a

seamless spot on the balcony railings

and power a battery storage system,

which feeds all the indoor HVAC

equipment and LED lighting with

DC power. The battery can provide

up to 10 hours of electricity during

power outages and charge overnight

during off-peak hours.

“We have the ability to consume

free energy from the solar or cheap

energy at two cents per kilowatthour,

if you’re on an ultra low off-peak

program,” said Armster. “The savings

are quite drastic.”

A power-over-ethernet system, which

has traditionally been used for distributing

the internet, sends data and electricity

to devices around the home,

bringing various control capabilities

like customizable LED fixtures that

match ambient lighting to human

circadian rhythms.

The suite

synchronizes the

natural and built

environments.

Photo courtesy of

Tridel.


27

FEATURE STORY

Light and temperature are primary

synchronizers of the body’s circadian

rhythm, which regulates the sleepwake

cycle and is tied to a person’s

24-hour body clock.

“In the morning, the sun rises

and delivers warmer orange-yellow

hues, which wake us in a calm fashion,”

explains Armster. “By noon,

you start to get those colder white

lights that are bright. The orange

hues keep us relaxed; the blue cold

light keeps us focused and awake.

We have the ability to control that in

the suite.”

Once occupants program their

longitude and latitude, the indoor

lighting will naturally match all the

colours of the sun according to its

location and allow for remote control.

“If you hit good morning, the

blinds will open and a light fixture

will turn on in that orange fashion

to really give you the feel of the sun

rising.” says Armster.

This is particularly beneficial

during dark winter days. Another

feature breaks occupants out of their

circadian rhythms. For instance,

while focusing on work after the

sun sets, the lighting can adjust its

colour and emit more white light.

To deliver heating and cooling to the

suite, a multi-flow fan coil unit works

more efficiently using a six-way valve.

Typically, the fan blows air through

two coils when only one is being used to

heat or cool. In this case, one of the coils

is omitted and the valve connects to a

smart thermostat.

“That thermostat will tell the valve to

send hot water or cold water to the coil.

Now, we’re using a single coil to deliver

either heating or cooling,” explains

Armster. “Less material means less


FEATURE STORY

Clockwise from bottom left: In the kitchen, a ventless range hood and

charcoal filter eliminate the need for exterior venting; every element has

been carefully chosen for comfort, convenience and energy savings;

modern design meets functionality in the bathroom; The Classic Series II

towers above downtown Toronto. Photos by Tridel.

“Less material means less embodied

carbon.”

embodied carbon, it’s more energy efficient

and saves money.”

In place of a gas-powered boiler,

a smart electric hot water heater in

the suite allows for remote monitoring

and control, while a heat pump

dryer prevents exterior venting and

improves air tightness. To further

reduce energy waste, during the

contraction phase, a blower door test

assessed where air leakage was occurring.

A spray gun then shot out fine particulate

matter to plug up those crevices and

holes, improving the air tightness of the

suite by 50 per cent, while boosting air

quality and preventing sound and odour

infiltration.

An energy recovery ventilator

(ERV) exchanges air to ventilate

the suite. In this case, the ERV is


29

FEATURE STORY

A DC microgrid powers the suite,

using fewer materials to maximize

living space.

connected to a sensor that measures

CO2 levels. “If the CO2 gets too high

the ERV kicks on,” explains Armster.

““It’s right-sizing the solution for

the problem. We’re getting perfect

ventilation in the unit and perfect

air quality and oxygen levels without

comprising energy.”

On top of that, a separate sensor,

tied directly to a charcoal hepa filter,

measures volatile organic compound

levels and particulate levels. The system

runs high or low depending on the indoor

air quality.

Yet another feature is a wastewater

heat recovery system that captures

and repurposes thermal energy from

sanitary drainage. Coils around the

drain absorb heat from flowing hot

water and pre-heat the incoming cold

water before it reaches the hot water

tank, minimizing energy waste.

CUTTING CARBON

Due to carbon intensive features like

solar panels and batteries the suite had

slightly higher emissions from the start.

Yet other components, such as the electric

hot water tank, reduce carbon. “Just

through your operational savings, when

you hit the 105-day mark of living in this

unit, you’ll start to have a lower carbon

footprint than your neighbour or other

average condo units in the city,” says

Armster.

The plan is to sell the condo unit

and retrieve feedback and real testing

data to enhance other projects.

“We’re so happy with some of these

features that we’re going to roll them

into future developments,” he adds.

“We’ve already learned a lot.”


FirstService Residential Ontario’s

leadership team

Local condominium management

342

Backed by years of industry

experience on our leadership team

At FirstService Residential, we understand the nuances

of the condominium corporations we serve and the

neighbourhoods they’re located in.

Why? Because we are proudly Canadian founded.

And we live in them too.

Combined with the deep support we provide through

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and more time enjoying the simpler things in life.

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SPONSORED CONTENT

LOAN AS AN OPTION TO SPECIAL ASSESSMENT:

DEALING WITH FINANCIAL

ANXIETIES IN UNCERTAIN TIMES

Written By Pierre Sauvé and Shane Haskell

Financial stress is a hot topic in Canada. Between political/economic

uncertainties, the potential impact on construction materials with

the imposition of tariffs, and supply chain monopolies, our current

environment can be tricky to navigate both logistically and emotionally.

Canadian businesses and their consumers are facing difficult

hardships, as weʼre reminded of this in the media. Specifically for

condos, regional news sources spotlight the increasing amount of

compounded stress that corporations and their condo unit owners

must cope with due to increasing fees and the possibility of special

assessments for necessary repairs and replacements to common

property elements. In a recent article published by the CBC, one condo

owner from London, Ontario saw, in less than a yearʼs time, his condo

fees climb 36%, along with a $5,000 special assessment. That is not

an easy situation for most, and, unfortunately, this owner is not alone.

Research indicates that 48% of Canadians have reported losing sleep

due to financial stress.

As well, a growing number of new reserve fund studies have

determined that corporations donʼt have sufficient funds to cover

necessary updates/replacements. Causes for this include significant

increases in construction costs, increased labour wages, and earlier

than forecasted major common element component replacement

requirements. Balancing fiduciary duties, keeping common element

fees competitive in the marketplace for real estate investment value

and resale purposes, and maintaining owner harmony are ongoing

challenges many condo boards face.

One important fact owners need to remember is that the board

members are typically owners of the corporation and are also

confronted with necessary funding increases. The board has an

obligation to do their due diligence and they should rely on professional

advice (i.e. auditors, engineers, lawyers, condominium managers) in

any forecasting or project deferral recommendations. Full transparency

and having an open dialogue with the owners will provide reassurances

that the board of directors has completed a full review and assessment

of the situation before any decisions are reached.

The reality is more boards have to deal with a very challenging

financial environment in properly managing their condominium and

community. They are looking for alternative solutions to the dilemma. A

corporate loan should be considered as a potential strategic option to

special assessment.

While it isnʼt an easy topic for a condo board to evaluate and navigate,

knowing how to present a loan option and manage community responses

can help ease anxieties for both the board and community members.

SPONSORED CONTENT

over time through increases to their monthly condo fees. This offering can reduce stress in

the following ways:

• The loan leverages the borrowing capacity of the corporation to obtain a favourable rate and

provide an affordable solution to all owners.

• The loan is with the corporation, so no lien or registration is placed on any individual unit.

• The loan option is an affordable way to pay for projects now to avoid costs associated with

deferral or phased major projects.

• The cost of the replacement/improvement is paid for over time and is shared by current

and new owners.

• The loan can be included in the reserve fund study to potentially ease the necessary

increase in monthly condo fees.

WHY & WHEN A CONDO CORP LOAN

SHOULD BE CONSIDERED

Without available savings to cover the

special assessment, many owners will have

to brave the financial burden of borrowing

personally. On an emotional level, the

process of obtaining new personal debt

can be jarring, time consuming and anxietyinducing.

No condo board wants to heighten

the financial stress of their community

members, but sometimes there is no choice

if they are to satisfy their responsibility

to maintain the common elements. It is

important to remember there is more than

one path they can take.

As an alternative to forcing owners to pay

a lump sum special assessment and securing

the means to pay for it, certain specialty

lenders in Canada will provide a loan to the

corporation as an option. This allows the

owners to pay for the cost of the project(s)

LOAN IS LOOKING LIKE THE RIGHT MOVE: NOW WHAT?

Once a loan option may be the right solution for the community, these important steps should be

taken to minimize the stress for the board and the owners.

1. Education: Early in the process of considering a loan as an option to special assessment,

project deferral or project phasing, boards should fully understand the lending process in

preparation for communication to the owners. Preparation should include:

• Arranging presentations from at least 2 lenders experienced in condo lending and

the corporationʼs reserve fund study engineer. Be sure to ask questions about term,

amortization, rate, process, borrowing by-laws, etc.

• Request your preferred lender to provide a term sheet and other educational resources.

2. Communication: The board should communicate to the owners early and frequently in

the process to lessen the uncertainty. The community should be provided with the following:

• Reasoning for the boardʼs decision to look at the loan option,

• Information on the loan option and the benefits to the owners,

• Confirmation that the board has assessed different lenders in selecting a partner to work with

• Estimated financial impact for each owner,

• Town Hall meeting(s) for the lender to present and address all questions from the unit

owners, and

• Consistent updates on the loan review process.

The owners should be provided with as much information as possible to fully understand the

loan option and know the board has done their due diligence in evaluating multiple loan offers.

This shows that the board has weighed their options to find the best possible solution to this

challenging financial situation.

This will also effectively prepare owners, board members, and property managers for the

important borrowing by-law voting process, which authorizes the board to borrow on behalf of

the corporation. When communication with the owners has been thorough, clear and frequent,

owners will be more comfortable with the process and more confident in their voting decision.

Having to deal with a reserve fund shortfall is very difficult for the board, property managers and

unit owners. The board has a duty to maintain the common elements and get necessary projects

done. A good understanding of the loan option by all parties, paired with strong communications

for the owners, will alleviate some of the stress when shortfalls in reserve funds arise.

By Pierre Sauvé, Director of Originations, Condo at CWB Maxium Financial, and Shane Haskell,

OLCM, RCM, LCCI, CEO & President at Lionheart Property Management.

For more information, contact pierre.sauve@cwbmaxium.com and shane@lionheartpm.ca.

CWB Maxium Financial provides financing options to condo or strata Boards faced with

reserve fund shortfalls. Industry-leading professionals in condo financing allow CWB Maxium

Financial to provide your corporation with prompt, reliable and creative solutions.

Visit www.cwbmaxium.com to learn more about how our financial experts can support you

and your business.


Status Certificates:

Proposed Price Hike &

Why a Thorough

Review Matters

BY THOMAS BEATTIE

One of the most important documents in a condo transaction is the status certificate—and its

price may be set for a sharp increase. The Association of Condominium Managers of Ontario

has formally asked the Minister of Public and Business Service Delivery and Procurement to

raise the fee to $500. Since the cap has remained at $100 since 2001, this 400% jump might

seem extreme at first glance, but when broken down as a 7% compounded annual increase, it

appears more reasonable—though still well above inflation. Do the condo boards and managers

that prepare them deserve such an increase?



TThis package provides a snapshot of the

condominium corporation’s financial

health, the status of any legal matters,

and lifestyle restrictions. Preparation

requires multiple data sources to be

consulted, and errors can lead to liability,

so there is certainly justification for

a material increase in price. And it has

real value for buyers; a careful review

can identify potential issues, save a buyer

from unexpected expenses, or even

encourage them to walk away – so long

as it wasn’t an unconditional offer.

Here are the key sections of a status

certificate, what to watch for, and the

risks of not paying close attention.

WHAT IS A STATUS

CERTIFICATE?

A status certificate is a set of documents

provided by the condominium

corporation’s board or management

that offers detailed insight into the

operations and overall condition of the

corporation. It covers aspects such as

financial status, building insurance,

management practices, and legal issues,

giving a true picture of what is being

purchased—not just the physical unit,

but the entire community’s health. In

Ontario, the package typically includes

several important documents; however,

there are additional items a potential

buyer should request to gain a complete

understanding, and which should likely

become part of the package if a significant

increase in price goes forward:

Meeting Minutes: In many provinces,

sellers are required to provide 12

to 24 months of meeting minutes. These

minutes offer valuable insights into the

community’s ongoing issues, such as

security concerns, elevator maintenance,

or leak problems, which may not be fully

detailed in the standard package.

Reserve Fund Study: The status

certificate includes a financial summary,

but it is wise to request the full report.

Updated at least every three years by

an engineer, the complete reserve fund

study reveals the health and long-term

plan for major repairs and replacements.

KEY SECTIONS OF

THE STATUS CERTIFICATE

Unit Information & Common Expenses:

This section outlines the specifics of the

unit, including legal descriptions, additional

components like parking spaces or

storage lockers, and the common interest

share. It also details the current monthly

condo fees and any arrears owed by the

seller. It is important to verify what is

included in the purchase and to assess if

any outstanding balances or unusually

high fees could signal financial mismanagement.

Financial Information: Financial

health is central to understanding the

viability of the condominium corporation.

This section includes the budget,

financial statements, reserve fund

balance, and any details regarding condo

fees and special assessments. A wellfunded

reserve fund indicates that the

condo is prepared for future repairs and

maintenance. Conversely, rising fees or

a history of special assessments might

suggest upcoming major projects or

financial instability, potentially increasing

costs after purchase.

Legal Matters and Litigation:

Here, the status certificate reveals any

pending or ongoing litigation, as well as

unresolved insurance claims or liabilities.

Active legal disputes can be a red flag

for mismanagement, while unresolved

insurance issues may lead to significant

future costs. Reviewing this section is

essential to avoid inheriting legal challenges

that could affect both the investment

and the condominium corporation’s

stability.

Governance and Board Practices:

Good governance is key to a wellmanaged

condo community. Frequent

changes in management or board

disputes might indicate internal issues

that could affect policy consistency and

decision-making. It could also be an

indicator of deadlock over major projects.

Look for transparency in meeting

minutes and clear, proactive communication

from the board, as these are indicators

of a healthy governance structure.

Pending major repairs could

lead to additional special

assessments or increased

fees, while a history of

regular maintenance

suggests a proactive

approach to property care.


35


Bylaws, Rules, and Restrictions: The bylaws and

rules govern the day-to-day living in the condominium.

They cover everything from renovation

guidelines and pet policies to other restrictions that

might affect one’s lifestyle. It is important to ensure

that these rules align with the buyer’s own needs and

plans. For example, if anticipating renovating, renting

out the unit, or keeping pets, the buyer should

confirm that these activities are permitted under the

current bylaws. Overly restrictive or unusual rules

could limit enjoyment or future use of the property.

Project financing for condo

corporations made easier

Contact our financing expert for financial

solutions built for your needs.

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Director, Originations, CWB Maxium Financial

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Physical Condition and Maintenance Issues:

Details of upcoming capital projects are vital considerations,

as high expenditures in the near future

could reflect the condition of common areas and the

overall community.

Pending major repairs could lead to additional

special assessments or increased fees, while a history

of regular maintenance suggests a proactive approach

to property care. Understanding these details helps

gauge future costs and assess the investment.

OTHER RED FLAGS TO CONSIDER

Additional factors to watch for include recent changes

in the management company, which might be a sign

of underlying issues, and rapid increases in reserve

fund contributions. A switch in management can

trigger a new engineering firm, potentially resulting

in more critical assessments of the building’s condition

and higher fees.

Similarly, a sudden spike in reserve fund contributions

might indicate that the condominium is trying

to catch-up on neglected repairs, which could mean

higher costs for going forward. In this example, the

reserve portion of condo fees increase by more than

60% in three years:

*Year Percentage Increase in Recommended

Annual Contribution

1 20%

2 18%

3 14%

4+ 3.7%

Based on the current level of reserve contributions,

analysis indicates that more than 10% of Ontario

condo corporations could require a special assessment

over the next five years, amounting to roughly

$10,000 per unit. However, because Ontario

requires a plan for how much to contribute to the

reserve fund each year, the more likely scenario will

be rapid increases in reserve contributions for those



communities with a much smaller percentage of

special assessments.

BEST PRACTICES FOR REVIEWING A

STATUS CERTIFICATE

Engaging a real estate lawyer who specializes in

status certificate reviews is highly recommended.

Their expertise can help interpret the details and

spot any potential red flags. Additionally, there are

condo document review tools available that simplify

the process, making it easier to understand the key

elements. Regardless of the chosen method, potential

owners should take time to read the document

thoroughly, ask questions about any unclear points,

and compare the findings with their personal needs

and long-term goals.

A CRITICAL TOOL

The status certificate is more than a doorstop—

it is a critical tool that provides deep insights

into the financial, legal, and operational

aspects of a condominium. Carefully reviewing

each section helps make well-informed decisions

and protects from unforeseen liabilities.

Investing in professional advice and taking

the time to understand this document not only

safeguards the financial investment but also

ensures that a new home aligns with lifestyle

and future plans.

Do boards and managers deserve to be compensated

for preparing this document and assuming

liability? Absolutely. The real question is how

much—and whether attaching meeting minutes

and the full reserve fund study should become the

standard rather than the exception.

Thomas Beattie is CEO of OctoAI Technologies, a condo intelligence company that provides

reports and data to buyers, owners, property managers, Realtors and businesses that serve

condo communities. The company has delivered over 25,000 Eli Reports since 2020, helping

thousands of people understand what matters about their property, and recently launched

the Annual Benchmark Report to help owners save money. Thomas is a CFA Charterholder,

an entrepreneur and former investment banker. Contact him at thomas@elireport.com

1-866-570-2757


37

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MAINTENANCE

Unpacking the

Performance Audit

What new condo board members need to know

When condo owners join the board of a newly registered condominium project, they’ll often

face a lot of new processes and terminology that they’re not familiar with. One of the most

significant is a performance audit.

BY RYAN HALEY


MAINTENANCE

TThe performance audit is a key part

of the warranty on the common

elements of a project, which the

directors on the board will need to

manage. The audit occurs in the first

year after registration of the condo so

it’s important that the condo board

members learn as soon as possible

about its purpose, what’s involved,

and what role the board plays.

WHAT IS A PERFORMANCE

AUDIT?

A requirement under Section 44 of

the Condominium Act, the performance

audit is a comprehensive

inspection of a project’s common

elements to identify any construction

deficiencies that need to be

addressed, such as water penetration

or fire safety issues.

The first-year performance audit

must be conducted between six and

ten months from the date of registration

of the project, and the resulting

report is then submitted to Tarion,

the non-profit consumer protection

organization that administers the

Ontario new home warranty, before

the end of the 11th month following

registration.

The individual who conducts the

performance audit for the condominium

corporation is referred to as the

performance auditor who must hold

a certificate of authorization under

the Professional Engineers Act or

hold a certificate of practice under the

Architects Act. It is up to the condominium

corporation to hire and pay

for the performance auditor.

WHAT HAPPENS DURING AND

AFTER THE PERFORMANCE

AUDIT?

During the performance audit, all

major components of the building are

reviewed, including, but not limited

to, the foundation, parking garage,

elevators and mechanical, electrical

and fire protection systems.

On some condominiums, Tarion

requires the builder to provide thirdparty

reporting, referred to as the B19

Final Report. If this is required to be

completed, the performance auditor

will also review this documentation.

Additionally, they will conduct a

survey of unit owners to determine

if there are any concerns that unit

owners have that may relate to a deficiency

in the common elements.

Along with the performance audit

report, the performance auditor will

submit a performance audit tracking

summary (or PATS) to Tarion and

the builder. The PATS, which lists all

items identified in the performance

audit, is a tool used to track the progress

of repairs and allows communication

to take place between the

condo corporation and the builder;

they both are expected to update the

PATS every 90 days.

The builder will have an 18-month

repair period from the first anniversary

of the registration date of the

condo project to repair or resolve

all items listed on the PATS that are

covered by the warranty.

APPOINTING A DESIGNATE AND

USING MYHOME

Around the time the performance


41

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audit is submitted, the condominium corporation

must select a “designate.” The designate

is the individual (e.g., a board member,

property manager or performance auditor)

who will act as a point of contact between

the corporation and Tarion. The designate

is responsible for overseeing the resolution

of warranty items, managing timelines, and

making the required regular updates to the

PATS.

The name of the designate must be

communicated using the appointment of

designate form. As soon as Tarion receives

the form, the designate can use MyHome and

CEPATS, digital tools that make managing

the common elements warranty a lot easier.

For example, MyHome allows the designate

to submit warranty forms, upload documents

to support a warranty claim, and

update the PATS. Email reminders are sent

important warranty dates.

ADDITIONAL TIPS FOR CONDO BOARDS

1

. Review the declaration and description

to have a clear understanding of unit and

common element boundaries. Include unit

questionnaires with the performance audit.

2

. Keep track of warranty timelines. Know

when a warranty claim can be submitted.

3

. It’s important to keep the lines of

communication open with your builder.

Work with the builder to resolve the claim

items. Update the performance audit tracking

summary every 90 days.

4

. Keep unit owners informed about

concerns and repairs related to the

condo’s common elements.

5

. Maintain the condo building. Keep in

mind that improper maintenance can

affect warranty coverage on the common

elements.

Ryan Haley has worked at Tarion since

2008 and is the director of common

elements. He works closely with vendors,

builders, municipalities, consultants, and

owners across Ontario to help ensure

condominiums are constructed as required

under warranty. Ryan graduated from

George Brown College with a Diploma in

Architectural Technology and has since

obtained a Certificate in Building Science

from the University of Toronto. He has

been a member of the Building Science

Association of Ontario (BSAO) and has

held the designation of Building Science

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SUSTAINABILITY

Passive Purpose

Passive home principles for detached housing

are gaining recognition, but how do they apply to

multi-residentials buildings in Ontario?

BY PAUL KEALEY

As the construction industry in Canada moves toward more

sustainable practices, integrating net-zero and passive building

principles into condominiums represents a new era for environmentally-friendly

urban living

B

Building codes are evolving in

North America and, in some cases,

requiring passive home principles

in more new construction. Applying

these standards to condo units is

not just innovative but increasingly

necessary. Here’s how builders,

buyers, and owners can adapt

these principles in Ontario, particularly

focusing on multi-unit rentals,

affordability, and long-term value

preservation.

UNDERSTANDING PASSIVE

HOUSE STANDARDS

Passive house standards focus on

ultra-low energy buildings that

require little energy for space heating

or cooling: up to 90 per cent

less than typical code. A key aspect

of these buildings is their ability

to be airtight while still creating

a healthier interior environment

and also harnessing energy from

external sources to meet most


SUSTAINABILITY

heating demands. For condos, this means

constructing or retrofitting units that

maximize thermal comfort with minimal

mechanical intervention.

UNDERSTANDING POINTS

SYSTEM AND CMHC FUNDING

The Canada Mortgage and Housing

Corporation (CMHC) offers a points system

under its funding programs, encouraging

the adoption of energy-efficient practices

in multi-unit residential buildings. Condos

can earn “50 points right out of the box,”

making them eligible for affordable housing

funds and other financial incentives.

This point system is part of a broader

initiative to make sustainable housing

more accessible and appealing.

FINANCIAL INCENTIVES FOR ADOPTING

PASSIVE HOME FEATURES

For condo developers and boards who

may consider retrofitting older units or

constructing new buildings with passive

home features, financial incentives in

Ontario are significant. Such features can

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45

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make properties eligible for CMHC funding,

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of affordable, energy-efficient housing.

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builds will remain compliant and competitive

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LONG-TERM VALUE AND COST SAVINGS

Integrating passive home features into

condos also offers long-term savings and

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valuable amidst rising energy prices

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particularly attractive to prospective condo

buyers interested in lower maintenance

costs and healthier living environments.

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Conventional homes often face issues with

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and controlled ventilation systems, which

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THE CHALLENGE OF RETROFITTING

While new builds can integrate passive

home standards from the design phase,

retrofitting existing condo units poses

challenges. However, with the right planning

and investment, older buildings can

be upgraded to reflect these standards,

enhancing their market value and extending

their lifespan. Key retrofitting strategies

include improving insulation, sealing

leaks, upgrading HVAC systems to heat

pump systems, and replacing windows and

doors that align with passive principles.

As Ontario and the rest of the world

moves towards a more sustainable future,

applying net-zero and passive home principles

to condo units is not just feasible but

increasingly necessary. Developers, homeowners,

and policymakers must collaborate

to navigate the challenges and embrace

opportunities.

Paul Kealey is the founder and president

of EkoBuilt, an Ottawa-based company

that specializes in passive house design.

Paul is a thought leader in the development

of building systems for affordable energy

efficient homes and is regularly called upon

to speak about energy-efficient and net-zero

buildings.


OUR COMMITMENT

ersonalized upgrades.

riven by our core values of putting people first

nd doing

TO

what’s right, we

ACCESSIBILITY

continue to raise the

ar in accessible home design—ensuring that

veryone can find a home that fits their

New

needs and

& Notable

ove where they live.

& INCLUSIVITY

At The Daniels Corporation, we are deeply committed to creating

communities that are accessible, inclusive, and foster a sense of

belonging for all. Through our Accessibility Designed Program (ADP),

we aim to break down barriers for those living with disabilities or looking

to age in place by designing homes that go beyond the accessibility

standards set by the Ontario Building Code (OBC).

SHARING

ACCESSIBILITY

KNOWLEDGE

Standard sets new requirements

beyond the Ontario Building Code

Accessible Bathroom Example

The Daniels Corporation is making its Accessibility

Designed Program (ADP) Technical Standards Guide

available to all industry professionals.

We understand that mobility needs differ,

Originally

that’s

developed

why we

for

provide

its core construction

a selection

program

of standard

in

2017, the guide contains thoughtfully designed features

that improve accessible livability layouts, for people with using the mobility opportunity aids, for

those homebuyers with sensory impairments, to collaborate cognitive with or our intellectual team on

disabilities, as well as individuals who wish to age in

personalized upgrades.

place. Some include comprehensive specifications for

appliances,

Driven

fixed

by

items

our core

and plumbing

values of

fixtures.

putting people first

Other and highlights doing are what’s accessibility-focused right, we continue design to raise the

elements, bar in such accessible as roll-in showers, home design—ensuring height-adjusted that

countertops, braille signage, wider doorways and grab

everyone can find a home that fits their needs and

bars.

love where they live.

“Inclusivity is a shared responsibility, and real progress

happens when the industry works together,” said Jake

Cohen, Daniel’s chief operating officer. “A collaborative

effort is key to creating a more accessible future.”

Designed for both in-suites and common areas, the

program was created in collaboration with accessibility

partners, design leaders and individuals with lived

experiences.

dified Kitchen Example


Accessible Bathroom Example

What’s our secret to

servicing the GTA’s

largest condo portfolio?

We’ve solved the problem of security staffing. Paragon

won’t let open shifts haunt your site.

Ask us how we did it.

Representing our clients image is a core competency. See

the committment in our $1.5 million uniform inventory, 2

fitting sites, and emergency replacement program.

Book a tour of our facilities.

Management teams are trained and certiffied experts in

condominium security. Knowledge is shared daily so your

board is always well informed.

Talk to a Paragon expert today.

www.paragonsecurity.ca

www.paragonsecurity.ca

416.498.4000

Professional

Plumbers/

HVAC Techs

Quality Service

We take pride in consistently delivering the

highest quality services to our valued customers.

We Offer Mechanical Services to Commercial, Industrial and High-rise Residential Customers

Plumbing and

Emergency Plumbing

HVAC: The Most Up-to-Date

and Efficient Heating and

Cooling Technologies

Our certified staff are qualified

to diagnose and repair all

plumbing and HVAC issues.

Available for

24/7 Emergency Service

1 (416) 300-9653

www.trilliummechanical.ca

CONDO Business - Spring 2025

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