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possible. The best way to inform anyone of an increase is to put all the information in a notice of any increase and why. AH - No, because I can explain the reality to them. However, the unit owners who aren't affected daily by these increases are oblivious and not appeased. → SE - During the 2020 and 2021 years almost all Directors pushed back on any increase as many were out of work and worried about the future. This caused some corps to run very thin budget lines and some even ate up surpluses. Going into the 2022 budget season, most Directors noted these shortfalls, combined with increased costs and began to start to increase fees, but not to where they should be knowing that future costs are going up. Many Directors are already planning for big fee hikes or even reserve fund assessments going into the 2023 year.
private sector. He achieved his RCM in 2016. He has been a professional member of CCI since 2017 and qualified for his ACCI in 2018. His portfolio is specific to condominiums in London and Woodstock with an emphasis on newly built condominiums..
LS - No push back from my clients.
5. Have you redone any Reserve Fund Studies prematurely, in order to account for cost increases?
AE - I have not been requested to prematurely reorder any RFS, but we have seen, and I am warning Board Members that numbers in the RFS are lower than quotes will be. I have also suggested that the Board prematurely increase the RF amount in any budgets. AH - Not yet, but it's coming. The comments in my current studies seem to now include a disclosure where the engineer does not recommend making major replacements until the economy levels out. (whenever that is) SE - Yes! If the study was not fully completed, tables were at least reviewed and updated by the planner where and when possible.
Alana Haggis, RCM, OLCM has been a practicing condominium manager for over 7 years. Currently heading 16 corporations as part of Sunshine Property Management Inc., in and around the London Area. She has been a member of CCI since 2018.
LS - No, my portfolio seems to be timed perfectly. Studies underway as we speak.
To Jennifer Dickenson for posing the questions and to our experts Andrew Elliott, Alana Haggis, Séan Eglinton and Lisa Skirten for their responding guidance. ■
Lisa Skirten, RCM, OLCM is President of Skirms-Ave Property Management Inc. and provides condominium and property management services . She has been a member of CCI since 2019 and was elected to the Board of Directors that year.
CCI Review 2022/2023 — 1
August 2022 - 37
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