March 14th, 2016 — the reform of co-ownership Law reform is delayed again and again. Many voices are raised to denounce “the tardiness of the Québec government to take action in this file”, announced Radio-Canada today.
he contingency fund was the subject matter of a recent program produced by the public broadcaster in which participated lawyer emeritus and general secretary of the RGCQ Yves Joli-Coeur.
Radio-Canada gives the example of Louis Levasseur, the owner of a co-ownership apartment in an immovable comprising six condos. The building was well built, but after 28 years, major work has started.
The co-owners, who have recently purchased an apartment in the immovable, including him, must deal with recurrent special assessments. “I tell myself that purchasers of condos do not know the problems they are purchasing”, states Louis Levasseur.
We can sympathise, he was originally paying $75 in condo fees. But including recent work carried out and anticipated, and necessary contributions to the contingency fund, expenses are now in excess of $700 monthly, including assessments.
“Presently, there are those with long term vision requesting sufficient contingency funds, and those with a short term outlook wishing to take off without paying. It is a tenant’s attitude, not that of owners”, observes Louis Levasseur.
Condo Far West
“In Québec, co-ownership is truly the Far West, as its governing Law is incomplete. Human dramas are a reality in our province, on account of immovables which have suffered from chronical under maintenance”, explains Yves Joli-Coeur, who underlines that the Ontario government has recently improved the legal framework of co-ownership.
He adds that “a condo purchaser in Ottawa is much better protected than in Québec”. In its legislative reform of co-ownership, the Québec government should, at least, impose contingency fund reviews. This review is compulsory in Ontario.
On her part, Minister of Justice, Stéphanie Vallée, recognizes that the question of determining if co-owners have at their disposal sufficient reserve funds is relevant. But she adds that “there is also the matter of overseeing all that, the management of these funds, of the administration. There are many elements to take into consideration”.
Montréal, March 14th, 2016
Source: Radio-Canada
