The financial health of condominium properties in Québec is of concern.
According to a revealing study we published in collaboration with the Regroupement des gestionnaires et copropriétaires du Québec (RGCQ) and the Association des professionnels de la construction et de l’habitation du Québec (APCHQ), 41 per cent of respondents indicated that the sums available in their reserve funds proved inadequate when they needed them to carry out major repairs or replacement work in the common areas of their building.
It is crucial that steps be taken to ensure a better management of reserve funds.
Consequently, the QFREB would like to see a reform of the legislative framework that governs co-ownership, particularly in regard to reserve funds, status certificates, maintenance logbooks and co-owner syndicates.
The QFREB is actively involved in a multi-stakeholder working group for the purpose of proposing possible solutions. Our recommendations focus on four key areas:
- A better public understanding of the responsibilities involved in residential divided co-ownership.
- The development of a best practice guide for condominium management.
- A greater transparency of condominium syndicates, for instance, by requiring them to publish the existence or absence of a status certificate for the property’s common areas, a maintenance logbook and a study of the reserve funds.
- The incorporation of minimum standards with options for condominium syndicates regarding the creation and maintenance of adequate reserve funds.
A progressive application of the reform to ensure equality between co-owners and maintain affordability.