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M1 + M2 + Metropolis + Parkside Condos (Liberty Development) - Real Estate -

Special Assessment

There doesn't seem to be much concern over this, so this must mean either one of two things. Either $600 isn't that big of an amount these days or that everyone is able to absorb this added cost ? What if next time there is a special assessment of $10,000 for a roof, would that be more of a concern ?
 
Oh I'm concerned and I don't want to fork over the money lol....but what can we do???

There doesn't seem to be much concern over this, so this must mean either one of two things. Either $600 isn't that big of an amount these days or that everyone is able to absorb this added cost ? What if next time there is a special assessment of $10,000 for a roof, would that be more of a concern ?
 
Oh I'm concerned and I don't want to fork over the money lol....but what can we do???

The letter puts the blame on minimal increases in the previous years and high cost of utilities and doesn't anticipate this being a regular practice. Also if we maintain a sufficient fund then this should cover an extraordinary expenditure such as roof or heating system in the future and hopefully we won't have an assessment of $10,000 to cover it but still one worries . What is worrisome is that the spending is out of our control and if everything will turn out as nicely as they keep telling us at meetings. They keep telling us how well run the building is and how big our reserve fund is and then in four years time we are still hit with a special assessment, which causes us to pause and think, about the future and what will come.
 
So what can we do?

The letter puts the blame on minimal increases in the previous years and high cost of utilities and doesn't anticipate this being a regular practice. Also if we maintain a sufficient fund then this should cover an extraordinary expenditure such as roof or heating system in the future and hopefully we won't have an assessment of $10,000 to cover it but still one worries . What is worrisome is that the spending is out of our control and if everything will turn out as nicely as they keep telling us at meetings. They keep telling us how well run the building is and how big our reserve fund is and then in four years time we are still hit with a special assessment, which causes us to pause and think, about the future and what will come.
 
Well, maybe review all the expenditures to see if everything that money is being spent on is needed ? Do we have too many personnel working here, are salaries too high, etc. This isn't a bottomless well to keep paying for everything

Good idea! Afterwards, we bring it up to the Board of Directors right?
 
Good idea! Afterwards, we bring it up to the Board of Directors right?

I found this online about special assessments.

Special Assessments

Now, here is a dreaded word and for good reasons.

A special assessment is an additional payment or a levy that a condo board has to impose when unexpected shortfalls or unexpected expenditures occur in the budget, or when an expensive system has to be replaced (i.e., a boiler) and there is not enough money in the reserve fund to cover for it. (Click here for Reserve Fund)

Special assessments are like a fee and are proportional to the % of common expenses each unit has, as per the declaration. Therefore, a smaller suite's special assessment will be lower than the one paid by a larger suite.

In Ontario, special assessments often occur in condos that were built before 2001 when reserve fund studies were not mandated by the previous Condo Act. As a result, developers and boards failed to build up sufficient reserve funds for future replacements and major repairs.

It is the duty of a board to impose a special assessment when necessary and owners have to comply, as is the case for fees. Owners cannot vote on whether or not to levy a special assessment.

However, a board who has failed to have a reserve fund study or has caused the situation that led to the assessment can be voted out by owners at a requisitioned meeting or even sued for lack of due diligence. But this is easier said than done!

If owners believe that the rationale for the special assessment is not well explained or documented, they can requisition a meeting to force the board to discuss the issue. But the board does not have to stop the special assessment. Yet, it would be a disrespectful board who would refuse to clarify the situation.

If, after the meeting, or if the board refuses the requisitioned meeting, and owners still believe that the special assessment is unwarranted (this happens: Click on Horror Stories About Special Assessments), then owners can requisition a meeting for the purpose of replacing the board. (Please read the various issues pertaining to Requisitioned Meetings) Or owners can have recourse to a lawyer in order to get a court order to stop the special assessement pending a review, by using Section 134 of the Condominium Act of Ontario.

Special assessments can’t be levied if there is a large surplus or if the reserve fund is sufficient to cover the replacement. However, if the replacement or large repairs deplete the reserve fund, then the board has to levy an assessment to bring the reserve fund up to date. Or the board may choose to raise fees in order to top off the reserve fund.

Special assessments can’t be levied for repairs that are merely cosmetic to embellish a condo or to accommodate someone’s taste for luxury!

Special assessments require careful consideration by boards and adequate communication with owners, including letters, advance notices, and even an information meeting to explain the necessity as well as what would happen without this assessment.

There are various ways of levying an assessment: It can be added to the fees for an X number of months (less painful approach), or paid in 2 to 4 instalments, or in one lump sum payment (most painful).
 
Important news regarding the special assessment

The tenants are collecting signatures right at this moment, we need 71 and already have 41 signatures. We are requesting an urgent meeting with the Board as we are questioning the need for this assessment . Our former Board Director, Lilian Chin says that when she left there was NO DEFICIT .

Foolishly I have already given in 3 post dated checks to the Management office but I am going down tomorrow to ask for my checks back
 
The tenants are collecting signatures right at this moment, we need 71 and already have 41 signatures. We are requesting an urgent meeting with the Board as we are questioning the need for this assessment . Our former Board Director, Lilian Chin says that when she left there was NO DEFICIT .

Foolishly I have already given in 3 post dated checks to the Management office but I am going down tomorrow to ask for my checks back

A lady approached me today as well regarding gathering signatures to request a meeting. However she only had a handful of signatures collected as she had just started with M1. She has provided an email address at which you can contact her if you are an owner and interested in signing: pollyc54@gmail.com

If there is already another group collecting signatures, perhaps they could combine efforts. Do you have a way to contact the group that has gathered 41 signatures?
 
A lady approached me today as well regarding gathering signatures to request a meeting. However she only had a handful of signatures collected as she had just started with M1. She has provided an email address at which you can contact her if you are an owner and interested in signing: pollyc54@gmail.com

If there is already another group collecting signatures, perhaps they could combine efforts. Do you have a way to contact the group that has gathered 41 signatures?

"the group that has gathered 41 signatures" that is Polly . I too only saw two signatures but Polly told me that the other signatures are on another page.
 
The tenants are collecting signatures right at this moment, we need 71 and already have 41 signatures. We are requesting an urgent meeting with the Board as we are questioning the need for this assessment . Our former Board Director, Lilian Chin says that when she left there was NO DEFICIT .

Foolishly I have already given in 3 post dated checks to the Management office but I am going down tomorrow to ask for my checks back

Does Lillian still own a place here?
 
"the group that has gathered 41 signatures" that is Polly . I too only saw two signatures but Polly told me that the other signatures are on another page.

weird... she was the one who said she only had a few signatures since she just started with M1.

Regardless, any unit owner interested in signing and seeing if we can get a general meeting about this set up, please email her (see above) and she'll let you know when/where she'll be with the sign up sheet. (However, she did mention she would be busy tomorrow.)
 
weird... she was the one who said she only had a few signatures since she just started with M1.

Regardless, any unit owner interested in signing and seeing if we can get a general meeting about this set up, please email her (see above) and she'll let you know when/where she'll be with the sign up sheet. (However, she did mention she would be busy tomorrow.)

The Management office is telling me that there will be a meeting scheduled for this regardless of the sign up sheet . I think a notice will be sent out and it sometime this month with management, the board and the buildings accountant answering the questions that residents have about the Special Assessment.
 

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