Many people who oversee condominiums across Ontario and handle the preparation of status certificates are requesting a fee increase. The Association of Condominium Managers of Ontario (ACMO) recently sent a letter to the Ministry of Public and Business Service Delivery and Procurement on the behalf of its members.

Status certificate fees established under the Condo Act have remained unchanged since May 2001. For almost 24 years, the current fee has been capped at $100 including HST.

“The process of producing a status certificate involves preparing and reviewing several key documents, such as the declaration and by-laws, budget, audit, financial statements, unit arrears, reserve fund study, periodic information certificate, legal claims, legal judgments, and corporation meeting minutes,” ACMO wrote. “If a certificate is not completed accurately, it can result in a legal claim against the Management Firm or Condominium Corporation for providing incorrect information. The responsibility for preparing, reviewing, and managing these legal risks generally falls on the issuer (Property Management firm).”

ACMO said its members are requesting the fee be increased to $500. “This update is essential to account for current costs and maintain the high level of service required to safeguard condominium homeowners and buyers,” the association stated, adding that Ontario has implemented various measures to protect homeowners and purchasers.