Your Condominium Board’s Future Plans Could Affect Your Own

GEMMA KARSTENS-SMITH | | Categories: Buying , Property Evaluation , Property Listings , Real Estate Market Updates , Selling

The Weatherdon Real Estate Team

Although many condo owners pay little attention to their board’s decision-making process, it really pays to know what plans are being considered for your building(s) or grounds before they become officially budgeted and scheduled. At the very least, having accurate information in advance will give you a clearer picture as to how your condo corporation is addressing current issues and preparing for future changes.

At its most positive, having knowledge of priorities and eventual outcomes will give you a distinct advantage in planning your own future. Either way, having insight and awareness about how your property and its assets are managed could give you the impetus to actually become more involved in its evolution and the long-term outcomes for your current home and neighbourhood.

You may be surprised (or shocked) to learn that, under provincial rules, elected condominium board members don't have to own a unit in the building. The following is a timely CBC link describing scenarios in which condominium boards have been "hijacked" by non-owners in Toronto: