In this series, we discuss various facets of Condominiums in the Collingwood, Blue Mountains, Meaford, Wasaga Beach, Clearview and Grey Highlands areas.
Under the direction of the Board of Directors, a condominium’s day to day operations are run by a Property Manager or Property Management firm. They look after such things as collecting and distributing the common expenses, dealing with contractors, or arranging meetings. They act on the instructions of the Board of Directors.
Depending on the bylaws of the Condo Corporation, the Board of Directors may or may not be owners of a unit within the condo complex. A member of the board usually has a multiple year term (3 year terms are common) and once the board is elected by the unit owners, the positions within that board are determined by the Board of Directors.
The Board of Directors make policy decisions which will directly influence the use of the common elements and what an owner can do with their unit. Condo owners should keep well-informed about their corporation by reading any information that is distributed to them, understanding the rules and regulations, and by attending any meetings which are called from time to time. Sometimes, decisions made by the Board of Directors are their sole responsibility, but other decisions must be approved by a vote of the owners.
An excellent resource all condominium owners should read is the Condominium Act, 1998 which governs all residential and non-residential condominiums in Ontario.
Marg Scheben-Edey is a Broker with RE/MAX four seasons realty limited, Brokerage in beautiful Collingwood, ON. With three decades of experience, Marg is a leader in the local real estate marketplace and is ready to help guide both Buyers and Sellers in achieving their real estate goals. Email Marg