Ontario

Ontario’s condominium laws have a number of unique features, including:

• Rapid changes to short-term rentals: over the past several years, municipalities have been enacting laws related to short-term rentals (i.e. airbnb). 
• Reserve fund: Ontario law requires condominium corporations to maintain a reserve fund that is equal to at least 2% of the replacement cost of the condominium complex. This helps to ensure that condominium corporations are financially prepared to cover the costs of future repairs and maintenance.
• Condo Authority of Ontario (CAO): The CAO is a provincial agency that regulates condominiums in Ontario. The CAO provides information and resources to condominium owners and condominium corporations. It also investigates complaints and resolves disputes.

Condominium reviews in Ontario

Condominium reviews are important in Ontario for the same reasons that they are important in other provinces. Condominium documents can be complex and difficult to understand, and it is important to make sure that you understand the rights and responsibilities that come with owning a unit in the building.

A condominium review can help you to identify any potential problems with the condominium complex, such as financial shortfalls, upcoming repairs or maintenance projects, or non-compliance with applicable laws and regulations. This can help you to avoid costly problems down the road.

If you are buying or selling a condominium unit in Ontario, CondoDR.com can provide you peace of mind with your future home or investment.