First year Reserve Fund Study
Periodic Reserve Fund Studies
 Every
condominium building in Ontario is required to establish a Reserve Fund Study within the year following the registration
and periodic studies to determine whether the amount of money in the reserve fund and the amount of contributions collected by the
corporation are adequate to provide for the expected costs of major repair and replacement of the common elements and assets of the corporation.
This demand is stipulated in the Condominium Act and its objective
is to forecast future major repair or replacement of common elements
of the building, to lower the risk of unexpected repairs, and to
ensure that proper funds would be available for those repairs when
the time comes.
The study includes the following items:
- Comprehensive
analysis and visual physical structural condition survey of common element
components including roof, exterior walls, windows, structure,
plumbing, HVAC, electrical systems, elevators, and interior
finishes
- Review the condition
and evaluation of life expectancy of the building components
- Inspect and
investigate the need of major repairs for the building
- Cost estimation for
major repairs and/or replacement of building components
- Five, ten, twenty,
and thirty year plans that outlines future needs to repair or replace major
components of the building
- Cost analysis and
cash allocation for future required repairs
- A description of the
on-site physical assessment, inspection methods, and equipment
(when applicable)
We offer our Reserve Fund Study at three levels to support your
needs:
| |
|
|
Premium Level: |
Full reserve Fund Study, suggested for
new condominiums within the first year after
registration |
|
Efficiency Level: |
Suggested for periodic updated of
pervious Reserve Fund Study report of existing
condominiums. |
|
Standard Level |
Suggested for yearly fund update of an
existing reserve Fund Study report. |
The following table lists the
differences between each of the levels:
| |
|
|
|
|
Premium
Level |
Efficiency
Level |
Standard
Level |
|
Site Visit |
√ |
√ |
X |
|
Condition assessment (based on visual
inspection) |
√ |
√ |
X |
|
Component Inventory |
Full study, including quantification |
Based on previous Reserve Fund Study report
(no quantification) |
X |
|
Estimation of remaining life expectancy of
main common components |
√ |
√ |
√ |
|
Evaluation of fund status |
√ |
√ |
√ |
|
Preparing of funding plan |
√ |
√ |
√ |
|
