The CAO has issued its Report on Reserve Fund Survey Findings

The CAO’s “Report on Reserve Fund Survey Findings” is now available and can be found here.

The prominent finding in the report is as follows:

“The results show that greater awareness of key reserve fund concepts is needed within the condo sector to facilitate better planning and collaboration within the condo community to identify and implement strategies for maintaining an adequate reserve fund as required under the Condo Act.”

The Report includes the following “Next Steps” which the CAO plans to take:

In the short term, the CAO will be implementing the following enhancements to its educational materials on reserve funds as part of our continuing support of condo communities and their reserve fund planning:

In the long term, the CAO will work to:

Proper reserve fund planning is one of the foremost priorities for all condominium corporations. We’re pleased to see the CAO taking such a proactive role on this issue. We also encourage our readers to look for educational opportunities through the Canadian Condominium Institute (including the Eastern Ontario Chapter) to gain a more in-depth understanding of reserve funds, to explore how best to work through these challenging situations.

Stay tuned to Condo Law News to keep up to date on the latest developments on condominium law!