The Condominium Act, 1998, Section 94 requires that all condominiums have a reserve fund to pay for major repairs and replacements to condominiums ’ common elements. A portion of owners ’ monthly common expenses fee is deposited into the reserve fund every month. The reserve fund is intended to ensure that the corporation has adequate funding to pay for future repairs. For more information on the Reserve Fund Study and recommended legislative changes still to be implemented, see Section 94 of the Condominium Act, 1998 here: https://www.ontario.ca/laws/statute/98c19
Thank you to Robin Whimster, Dan Popovic and Chris Williston, all members of CCI for their participation in this questionnaire.
- JD
CCI Review 2021/2022 —September 2021 - 36
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