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Monday November 4 2024

Reserve fund study, maintenance log: AQGC’s proposals to ease the obligations of co-ownerships

In 2009, several management firms joined forces to create the Association Québécoise des Gestionnaires de Copropriétés (AQGC) to have a voice in legislative changes affecting the co-ownership sector and to ensure that those working in the field could be heard.

The latest consultation occurred on September 11 and concerned the regulations associated with Bill 16, aiming to implement certain measures, particularly those related to the reserve fund study, the maintenance log, and a certificate to be provided to a prospective buyer.

The AQGC submitted its position paper on October 24 in an effort to influence the legislature, advocating for measures that co-ownerships can implement more easily and cost-effectively. The main requests for regulatory improvements were as follows:

Consider expanding the category of buildings eligible for a 10-year maintenance log review, following the same criteria as the mandatory GCR membership for new buildings. This would apply to multifamily buildings with up to four stacked private units, regardless of the total number of units, rather than the current 5-year review cycle.
To promote consistency in reserve fund studies across various buildings, implement a unified financing strategy to ensure intergenerational equity.
Include the maintenance log certificate and a summary of achievements with the Annual General Assembly (AGA) notice each year, and attach them to the AGA minutes. This approach will help reduce administrative workload and lower costs for condo owners looking to sell their units.

For more details on the full recommendations made by property managers and to understand AQGC’s arguments, feel free to read the complete position paper.

To follow AQGC’s future stances, subscribe to their LinkedIn page.