Message from our Editor:
CondoBusiness provides educational content and breaking news about issues forever reshaping the industry.
Within its pages, readers delve into timely topics that are just as valuable to a volunteer board of director as they are to a seasoned property manager.
Rebecca Melnyk, Editor - CondoBusiness
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Many condominium communities aim to leverage the professional experience of their directors. Matching a director’s role with their expertise makes sense. If, for example, a member of the board has an accounting background, the treasurer’s role would seem a better fit for them over someone without relatable knowledge to bring to the position.
Interestingly, the Condominium Act does not prohibit a developer from entering into a section 98 agreement with the condo while it still owns the units. In fact, many developers now include section 98 agreements as a standard part of the disclosure package that they provide to potential purchasers.
In the past few years, digital currencies such as Bitcoin have entered the mainstream but remain uncharted territory for many people. Those that are familiar with cryptocurrency are still wary of using it to buy real-world products, especially with the lack of financial regulations and sharp volatility in its value.
At least one condo corporation is facing what is likely to be a steep repair tab after Toronto was drenched with a month’s worth of rain on Aug. 7. Kevin Vuong, past condo board president and Ward 20 candidate in the upcoming municipal elections, estimates that the collapse of a fourth-floor storm drain caused six figures in damage in the Southcore community he calls home.
Someone is parking a car with advertising/company name on it overnight in their driveway, of which they have exclusive use, contrary to the corporation’s rule. Can the corporation enforce parking rules in spaces that are not owned by the unit owner, but of which they have exclusive use?