… Continued from Page 25 “” Property Management vs Condo Management ”
The Association of Condominium Managers of Ontario (ACMO) has indicated that leadership in the industry is at a critical stage as management companies and Boards are faced with the reality of a shortage of condominium Managers and anticipating that many Managers are slated to retire within the next five years. The question then is: will the number of Managers to team up with corporations keep up with the number of condominiums being built? It is recommended that Boards confer with Managers immediately when issues of their cooperative arises with the hopes that those matters can be worked out in a positive resolution. Every Board member should be attentive to the growing list of tasks being put on their Managers in response to legislative responsibilities, issues that arise within the borders of the corporation and the list goes on. Education among owners would be beneficial to potentially ease the load for the Board and Manager. A collaborative team built on support, respect and trust can create a successful relationship between Boards and Managers that will serve both long term. Boards are encouraged to monitor the CAO and CMRAO websites for information that may affect the corporation. The Condominium Management Regulatory Authority of Ontario has issued notice that all licences are set to expire on June 30, 2021 and must be renewed. Licence Renewal All licences issued by the CMRAO expire unless they are renewed annually. The regular licence year runs from July 1 to June 30, so the deadline to complete the renewal is midnight on June 30. Licensed individuals and providers (businesses) can continue providing condominium management services as long as renewal applications and annual licensing fees are submitted by the June 30 deadline. - TK
… Continued from Page 27 “ Boards, Manager, Owners …””
or Renewal (form 83(1)(B) of the Act within the same timeframe. This form is available here . It is helpful for all owners who choose to lease their units to be familiar with the particulars of renting out their unit. The Condominium Authority of Ontario (CAO) provides pertinent information. Tenants Tenants are obligated to comply with the Condominium Act, and the corporation ’ s governing documents/ The Condominium Authority of Ontario (Cao) also offers information for tenants . Insurance Insurance for a condominium unit is complicated and is not the same as that of a single family dwelling. It is important that owners be fully informed as to their requirement to secure
insurance overage as a condominium unit owner and if leasing a unit, their requirements as a landlord. This is one area you must be proactive about. A unit owner should typically organize a separate policy to insure personal property such as clothing, appliance and furniture as well as items stored within the property; additional living expenses you incur, over and above the normal cost of living in the event of an insured loss; personal liability for bodily injury or property damage unintentionally caused to others; upgrades to the unit (by current and by previous owners) and optional coverages that are available to condominium owners. If the unit is to be leased, the owner/landlord should also investigate proper insurance coverage and would be well advised to discuss insurance coverage with their tenants. - TK
CCI Review 2020/2021 —June 2021 - 28
Made with FlippingBook flipbook maker