On January 13, 2024, Me Yves Joli-Cœur, Emeritus lawyer and president of the Regroupement des gestionnaires et copropriétaires du Québec (RGCQ), was a guest on Frédéric Bisson’s show on 104.7 FM Outaouais, a station in the Cogeco group, to discuss the major consequences of Bill 16 on co-ownership management in Quebec. This interview shed light on critical issues related to maintenance and financing of co-ownership properties. It is available for replay on the station’s website for those who want to learn more.
An essential but demanding Legislative reform
The Certificate attesting to the condition of the immovable, introduced by Bill 16 and set to take effect this year, will require co-ownership syndicates to provide a comprehensive overview of their financial, material, and legal situation. This includes details about the reserve fund’s status and a record of major repairs carried out on common areas.
Within three years, all co-ownership syndicates will also be required to adopt a maintenance log and conduct a reserve fund study. This study must specify the necessary amounts to be allocated to ensure future maintenance and repairs.
However, this obligation will lead to significant adjustments in common charges, especially in buildings where reserve funds have historically been underfunded. According to Me Joli-Cœur, “Co-owners will need to prepare for substantial increases, but these adjustments are essential to ensure the financial health and sustainability of their buildings.”
Timelines that challenge current practices
Bill 16 provides a three-year deadline to complete the reserve fund study and a ten-year deadline to achieve adequate capitalization. These new requirements could not only affect the amount of common charges but also influence unit sale prices, challenging owners’ ability to absorb these costs.
A must-listen interview!
In this engaging discussion, Me Yves Joli-Cœur analyzes the challenges of this reform and explains why 2025 could see a marked increase in co-ownership fees for many syndicates.
Replay the full interview on 104.7 FM Outaouais by following this link.
