3 minute read
President’s Message
Canadian Condominium Institute/ Institut canadien des condominiums Toronto & Area Chapter 1 Eglinton Ave. Toronto, ON M4P 3A1 Tel: (416) 840-5346 E-mail: info@ccitoronto.org Website: www.ccitoronto.org
2021-2022 Board of Directors PRESIDENT: Murray Johnson, OLCM, CCI (Hon’s), LCCI Co-Chair, Conference Committee Member, Marketing Committee Member, Tarion Sub-Committee Crossbridge Condominium Services Ltd. VICE-PRESIDENT: Lyndsey McNally, OLCM, LCCI Member, Legislative, Marketing, Communications Committees Chair, Social Media Sub-Committee CCI-N Liaison CWB Maxium Financial
SECRETARY/TREASURER: Brian Antman, CPA, CA Chair, Finance Committee, Member, Conference Committee, Member, Communications Committee Adams & Miles LLP Chartered Accountants
Board Members Francesco Deo, BA (Hons), JD Member, Legislative Committee Chair, Volunteer Resource Committee Fine & Deo Condominium Lawyers Bob Girard, B.Comm, ACCI, FCCI Member, CondoSTRENGTH Committee Member, Education Committee Member, Finance Committee YCC # 50
Brian Horlick, B.Comm., B.C.L., LL.B., ACCI, FCCI Chair, Communications Committee, Member, Conference Committee Horlick Levitt Di Lella LLP
Warren Kleiner, BA., LL.B. Chair, Legislative Committee Co-Chair, Ontario Caucus Member, Marketing Committee Shibley Righton LLP Farzad Lahouti, MBA Chair, Marketing Committee, Member, CondoSTRENGTH Committee, YRCC 798)
Eric Lakien, MBA, PhD. Member, CondoSTRENGTH Committee Member, Marketing Committee YRCC # 798
Connie Pappas Boccitto, CCSP Chair, CondoSTRENGTH Committee Member, Social Media Sub-Committee Royal LePage Terrequity Realty, Brokerage corp Valuations
Sophia Simeone, B.Eng, EIT Member, Education Committee Member, Social Media Sub-Committee Synergy Partners Lisa Kay Member, Communications Committee KayCondoGC Inc. Stephen Ilkiw Member, Marketing Committee CondoHive / Bedford Hill Consulting OPERATIONS MANAGER - Ashley Smith President’s Message
It’s Never Too Late to Start Planning and Funding for This Inevitable Change. Are You Looking Far Enough Into the Future?
As 2021 comes to a close I think we have all had enough of looking back. It’s time to start looking forward and start developing plans to make the coming years not only healthier but more successful. As of late I have been extremely concerned about reserve fund studies. This was pushed along by the Ministries going to key stake holders and entertaining new regulations for reserve fund expenditures.
It’s my hope that the result of the current consultations will not water down the restrictions on how funds can be used but rather that initial contributions should be greater than ten percent of the declarants first year budget. There are a considerable number of improvements that can be made without opening the fund to what we currently use operating funds for.
What I find particularly worrisome is the lack of preparation for the 2030 and 2050 Paris Accord targets of reducing greenhouse gas emissions (GHG). This should be a line in the reserve fund study that allows accruals for end of life replacement for alternate heating sources. My fear is that as we near 2030 (just eight years away) and then 2050 the carbon tax on natural gas will make condominium living too expensive for first time buyers.
I’ve heard the argument that “I won’t be living here in 2030” or “How can we ask todays owners to fund something in the future that has not been costed out yet?”. All these comments have some merit but the reserve fund itself is a savings account for future replacement. We know that the carbon tax is here and will only increase, driving consumers away from carbon producing fuels. We should be asking ourselves if we will be ready to switch to an alternate fuel/heating source or are we simply deferring what could be a significant cost to future owners?
I believe that condominiums that are not creating these Paris Accord Contingency accounts might have to insert some disclosure statement in status certificates. After all, we know that the targets have been set. We know that Canada has committed to meeting those targets and we can surmise that savvy future potential purchasers of condominiums will want to purchase into a “green” community.
The days of calling our communities “green” simply because we use earth friendly cleaning products and reusable materials instead of disposable products are long gone. Green communities will be so much more involved with the 2030 and 2050 targets and looking at much larger steps to reduce GHG emissions. Alternate heating and cooling sources, building larger EV charging systems and using other new technologies are all so much more than just green cleaning products.
It’s never too late to start planning and – Continued on page 8
