When you purchase a condominium, whether it is in a high rise, a town house or a semi-detached type of environment, you gain ownership of your space – and you also become a part owner in the condominium corporation. The condominium corporation has assets. At Lambs Court, those assets include the surrounding land that is commonly used by all owners, the outer skin of the buildings (i.e., roofs), and the financial assets of the Corporation. The financial assets are significant. Every owner has an equal ownership share – and an equal vote – in the Corporation. It doesn’t matter whether you’ve been here for 20 years or just moved in – all owners have equal rights and ownership.
The owners have paid monthly fees since the units were first built. Some of the fees go into immediate upkeep – such as snow clearing and lawn mowing – and some go to a bank account or investment that is held in “reserve”, until future repairs are required. Engineers regularly review the condition of the complex to predict future costs, and those costs help determine how much money should be set aside each month and put into the reserve. Buying a unit means that you also become an owner of part of the money that has been set aside, every month, by the owners who came before you.
Ontario has laws that are designed to ensure responsible stewardship and protection of condominium owners. They apply equally to the Lambs Court condominium corporation. For example, Ontario law requires that the financial funds held in reserve for future repairs must be a minimum size. Ontario law also requires the indepedent engineering studies to evaluate the condition of the property be carried out at certain, minimum time periods. Some condominium corporations do all of their administration and management by themselves – at Lambs Court, we hire a professional management company that helps look after maintenance as well as being responsible for dealing with financial statements and ensuring that an independent auditor reviews the books.
The elected Board acts for every unit owner, tasking the property manger with ensuring that contractors fulfil their responsibilities to clear snow in winter, nurture landscaping and lawns in summer and maintain the buildings and grounds to an appropriate standard. The Board also reviews the financial position and engineering studies, giving it the opportunity to direct changes that will keep us in sound condition. The Corporation’s annual meeting is an opportunity to update owners on the Board’s activities and any significant changes, but unit owners may also contact the Property Manager, who meets with the Board regularly, to ask questions or provide input.