Each condo owner is a member of a condo corporation. The condominium corporation is responsible for managing the affairs of a condominium, such as property, finances, corporation records and reserve fund studies.
Condo owners elect a board of directors to oversee the condo property and the affairs of the condo corporation. Currently, there are no educational requirements to become a director of a condominium board. Recent amendments to the Condominium Act, 1998 permit mandatory training to be identified for condo directors to ensure smoother operation of condo corporations.
The elected board of directors makes decisions about the corporation on behalf of its members, including the unit owners, and often hires someone to carry out the day-to-day operations. This person is called a condominium manager.
Role of Condo Managers
Condo corporations may hire a condo manager (or a condo management provider to oversee the corporation’s day-to-day operations. Different types of condominiums have different management needs, depending on the size, age and nature of the property. Condo managers often have a range of responsibilities. According to the Ontario government website, a condo manager may:
- collect common expense fees
- keep records for the condo corporation
- respond to owner complaints
- ensure maintenance and repair of the property
- hire and monitor service companies and oversee staff and contractors
- prepare draft annual budgets and oversee the reserve fund use
- implement an emergency management plan and respond to emergencies
- prepare status certificates
- issue meeting notices, and report on the affairs of the corporation
- organize board meetings and oversee administration of all owners' meetings
- monitor the corporation’s insurance
- prepare financial reports and arrange for audits
According to the Ontario government website, a condo manager may also advise the board on:
- how to comply with the Condominium Act, 1998
- how to comply with legislated or mandatory repairs required by government
- the financial responsibilities of the board (e.g., contributions to the reserve fund and long-term reserve fund planning)
A condo manager is accountable to the condo corporation.