An established Ontario condominium corporation completed its most recent reserve fund study in 2024. Under O. Reg. 48/01, when must it complete its next reserve fund study?
Correct Answer
B) Within three years, by 2027
Section 94(1) of the Condominium Act, 1998 requires periodic reserve fund studies, and O. Reg. 48/01, s. 31(3) requires a corporation to conduct a study within every three years after completing the immediately preceding one. A study completed in 2024 must be followed by another within three years, by 2027.
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An investor buyer wants to know how many units in a condominium building were rented last year before making an offer. Which document must state the number of units for which the corporation received lease notices during the preceding fiscal year?