ARTICLE · 03 MAY 2022

Avoiding A Special Assessment Nightmare

Robins Appleby LLP

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A condo in Toronto recently made the news after levying a $14-million special assessment. The corporation gave owners 15 days to pay for repairs.

CanadaReal Estate and Construction

Claudia Pedrero

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A condo in Toronto recently made the news after levying a $14-million special assessment. The corporation gave owners 15 days to pay for repairs. Claudia Pedrero, associate in the Real Estate Group at Robins Appleby LLP, explains how other condo corporations can avoid this predicament.

York Condominium Corporation (YCC) No. 82, which operates a 10-storey, 321-unit building in the Jane and Finch neighbourhood, is facing the proverbial 'perfect storm' in condo operations, maintenance, and governance, with unit owners footing the bill.

In September 2021, YCC No. 82 sent letters to all owners announcing an $11,235,000 special assessment. This translated to $30,000 to $42,500 per unit, depending on unit size.

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