Board members feeling the pressure of explaining increasing common element fees may feel an extra pinch this year. Looming tariffs affecting labour and material costs along with unpredictable inflation rates are already a source of tension for communities.

One of the most difficult aspects of being a condominium board member is explaining why a special assessment or significant budget increase is necessary. Transparency around financial planning requires a thorough understanding of the complex decisions the board is making, and the confidence to then be able to communicate those details to owners — either at the next Annual General Meeting (AGM) or on the common elements — is an integral role of a Board member. Directors who can articulate the specific factors driving costs reflect positively on the board, build trust, and show proactive leadership.

Building Strength

It’s impossible to predict external events that could impact your building, but internal preparation through constructive education is key. Many condominium owners, especially first-time buyers, can experience unexpected surprises about the costs and responsibilities of condominium living. That’s why it’s essential for both board members and owners to educate themselves. Learning about condos doesn’t mean you’re a geek, it means you are invested.

By joining organizations like the Canadian Condominium Institute (CCI) Toronto, all unit owners benefit from exclusive membership discounts and access to educational sessions (both virtual and in-person) on condominium operation and management. This is a valuable resource which many owners are not aware of.

CCI Toronto’s educational sessions help boards and owners understand the unique challenges facing condominiums in the current fluctuating climate.

Smarter for Both Inside and Out

Board members walk the tight line of not wanting to increase fees but needing more money to fund the same projects which are already budgeted for. As of the time of writing, there is a very real uncertainty about how much everything’s going to cost. Condominiums operate on a zero-based budget, theoretically only collecting the funds needed to support the condominium throughout any fiscal year. When there are financial restraints outside of a board’s control which cannot be planned for, how do you anticipate these challenges?

Boards are trying to balance their fiduciary duties while keeping the fees affordable for owners, yet Reserve fund Studies are calling for more funding than when the last study was completed three years ago. Not only that, but last winter took a significant toll on buildings in terms of water damage. The harshness of the season resulted in repairs above and beyond what the corporation was likely predicting and hence planned for in the year’s budget.

The Toronto and Area Chapter of CCI was created to help boards and owners make conscious, insight-driven decisions through education and discussion sessions, built to increase awareness regarding the condominium industry and condo living. For over 35 years, CCI Toronto has worked for the betterment of condominium owners and those serving on the boards of the many varied condos throughout the GTA.

Membership Renewals

CCI Toronto’s annual membership renewals run from July 1 to July 30. This year, they are offering a 10% discount per year on a 3-year membership. The chapter’s sessions for 2025 include how to make the most of reserve fund studies, the inflation impact, and long-term financial planning through loans and investments.

The Toronto and Area Chapter of CCI hosts a range of in person and virtual events to accommodate all members. Scheduled so far this year are:

• April 24 – Managing Major Changes – Pickleball event: merging practical knowledge with a fun activity (In person)
• May 21 – DC 108 – Repair, Maintenance and Change Fundamentals (virtual) and in person on June 25: Looking at the differences between the Act’s definition of “maintain,” “repair” and “repair after damage” and owner versus corporation responsibility.
• September 25 – Coffee with the Experts (accounting) (Virtual)
• October TBD – Condo Horror Stories with Annual General Meeting (In Person)
• November 21/22 – Condo Conference (In Person)
• December 5 – Holiday Event (In Person)

Board members and owners are encouraged to attend these educational events, developed to help owners understand the broader economic factors affecting condominium costs.

CCI educational resources transform financial communication from a potential source of tension to an opportunity for collaborative understanding. For more information, visit https://ccitoronto.org/