The introduction of a new Condominium Management Services Act from the Ontario government has a lot of condo property management companies and condo boards scrambling. Bill 106, also known as the Protecting Condominium Owners Act, 2015, represents a fundamental change in the way condos are governed.
Many of the changes are a result of concerns that there is not enough information about operations, costly repairs and financial decisions being sent to condo owners by the board of directors and property management firms. In short, many condo owners do not feel there is transparency regarding the decisions and activities that impact their daily lives.
The condo law will affect document delivery as well as compliance for more frequent and detailed communication on financial matters. As of July 1, 2017, new requirements state, “owners need timely and reliable information and access to their corporation’s financial records.”
The new regulations also introduce mandatory training for condo board members, due to increasingly complex condominium rules and the upsurge in investor-owned rental units.
To goal is to create better managed condominiums.
Technology for Transparency
Many industry experts anticipate the new condo act will require new web-based technology that can readily link condo boards to owners and management service providers.
An up-to-date communications platform allows HOAs and condo management firms to deliver information instantly and electronically, to help keep everyone informed.
Condo boards will want to offer secure access to financial reports and other pertinent documents via a login on their website. And the use of communication portals that incorporate digital audit trails of all emails and back-and-forth messages will be mission-critical as of July 1, 2017.
How Property Vista Helps
Our suite of online tools designed for condominium boards and HOAs who understand the importance of improving owner services, communications and relations.
Leveraging a uniformed platform, our cloud-based condominium management software gives you a one-stop destination to manage properties and residents, while concurrently reducing overall operational costs.
To learn more about how to use cloud-based technology to effectively manage your condominium properties, sign up for your free account today or give us a call.