According to the Société d’habitation du Québec, there will be some 366,000 condominium units in 2022, divided among some 7,500 syndicates. That’s a lot, but the problem is that the housing stock is aging, with an average age of 30 years. So how do you take good care of your condominium? Stay tuned as we find out how to ensure better co-ownership management with advice from Jessica Marcotte, co-founder of Deluxco Gestion Immobilière.

From the outset, it’s important to mention that the board of directors of a syndicat de copropriété is responsible for the conservation of the building, meaning that it must take all necessary measures to ensure its long-term survival. And the best way to do this is to follow the advice of professionals in the field!

The first tip for better management is one of the first questions I ask any syndicate I talk to: have you had your contingency fund and reconstruction value studies carried out? In 2018 and 2019, the Quebec government established two new laws, Bill 16 and Bill 141, aimed at protecting the interests of co-owners. These two studies are the solid foundation on which the financial health of a co-ownership rests. The contingency fund study, carried out by building inspection professionals such as Legault-Dubois, makes it possible to accurately anticipate major repairs and future costs, thus ensuring that the co-ownership has the necessary resources to deal with unforeseen events without overburdening co-owners. On the other hand, a reconstruction value study, this time carried out by a real estate appraisal firm, ensures that the condo association is adequately insured in the event of a claim. By investing in these analyses, the syndicate protects not only the building, but also the financial interests of each co-owner.

Another often underestimated aspect is the maintenance logbook. It’s a living document that needs to be updated regularly. It enables you to track the history of work carried out, plan future work and record information on suppliers and their warranties. This gives you an overview of the building’s needs, and helps you plan interventions before they become urgent. By keeping this logbook up to date, you not only guarantee the long-term health of your building, but also ensure that relevant information will be passed on from one board of directors to another over time.

Finally, tip #3: entrusting the management of your condominium to a professional manager is often the best decision you’ll make, both for the directors and for all the building’s residents. Directors, who are often volunteers, quickly find themselves overloaded with all the tasks involved in managing a co-ownership. Between responding to requests from co-owners, doing the accounting and making monthly deposits of condo fees, work planning often remains a neglected task. The manager brings three important things to the table:

1. The technical expertise required for the proper operation of the building
2. Thoroughness and organization in carrying out tasks and work
3. As an impartial third party, the manager enables the administrators to make the best decisions in the interests of all co-owners.

In short, if you’re involved in any way in the management of a condominium, don’t hesitate to contact us. Our condominium specialists and partners are here to advise and support you throughout the process.