What happens when condo building is getting too old?

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Under the Condo Act Condominiums must have 'Reserve Funds" to allow them to carry out (and pay for) necessary repairs and replacements. The level of the contributions owners must make each year is set by a Reserve Fund Study. If you are buying a condo it is VERY important to look at the size of the Reserve Fund and at the Study. Having a Reserve Fund of $2 million sounds great but NOT if your building has $3 million of outstanding work! Conversely, a fund of 'only" $500K sounds low but it would be fine if there are no immediate needs identified in the Study. In short, do your research!