Welcome to Condo’s Corner

by Daulton Read, OLCM

Issue #001

How exciting, the first issue! Let’s keep this one relatively short and informative and generate some questions for upcoming issues.

Get ready for a weekly dive into condo living like never before with Condos Corner. Speaking from my perspective as a Condo Manager, my goal is to entertain and provide valuable management insights and stories that can help you live your condo life a bit better—all with a little bit of wit, charm, and practicality.

What’s Happening This Week?

What the heck is a condo?

Storage is key.

Send those questions in!

Manager’s Memo: Demystifying Condo Corporations

Ever wondered what a condo actually is? Well, we’re about to lift the curtain on the condo corporation saga—and why you should care.

First things first: what’s a condo corporation? It’s the legal entity representing and governing your condo building. And guess what? As a condo owner, you’re not just a resident—you’re a shareholder in this condo corporation. Yep, you co-own the building and business with fellow unit owners. It’s like a condo commune where decisions are made collectively, and you chip in for the upkeep through those maintenance fees.

Now, picture this: hundreds of residents debating the lobby’s new paint colour. Bit chaotic, right? That’s why we elect a Board of Directors—a group of unit owners who take the reins on such matters. They manage the condo’s reserve fund, approve budgets, tweak building rules, and generally work with a licensed condo manager (like me) to oversee the day-to-day operations.

Feeling curious about your condo’s corporate identity? Every condo has its own corporation number, like a unique ID card. This is called the legal name, which consists of the region in which they were constructed and the chronological number of their birth. Most owners aren’t familiar with these; they’re only familiar with their operating names. An operating name may be something like Hillside Gardens, but a manager and other professional minds will refer to them as something like Niagara North Condominium Corporation #123 (NNCC 123).

So, who are these folks running the show? Enter the Board of Directors—a squad of elected volunteers (!!) overseeing the corporation’s nitty-gritty. From summer gardening committees to lobby revamps, they handle it all. And here’s the kicker: anyone can throw their hat in the ring for the Board.

But wait, there’s even more! Ever heard of property managers? They’re like the condo’s operational maestros. They keep things ticking smoothly, from day-to-day maintenance to condo fee collections, while offering advice to the Board as they navigate their business. Think of them as the right-hand helpers, with more significant decisions reserved for the Board’s desk.

Now, let’s rewind a bit to when your condo was all but a hole in the ground. The journey from construction site to condo corporation is no walk in the park. It’s a meticulous process that can stretch multiple years:

Local municipality gives the condo project the nod.

Sales open up, with developers aiming to sell ~70% of units before breaking ground.

Construction kicks off.

Occupancy phase begins, with buyers moving in as floors get completed.

Registration time! The building officially becomes a condo and gets its corporation number.

Cue the turnover meeting, where the developer hands the condo baton to owners.

The inaugural Condo Board is elected, and the fun begins.

The Board and property management begin their partnership together.

Fast forward a year post-turnover; it’s time for the Annual General Meeting of owners.

And there you have it; we’ve barely scratched the surface, but at its core, condo living is community living through community ownership. If buying, make sure you understand what you’re getting into!

Weekly Wisdom: Condo Living Tips

Living the condo life comes with its own set of quirks and perks. Whether you’re navigating tight spaces or building community bonds, here’s a practical tip:

In condo living, every square inch counts. To make the most of your space without feeling like you’re living in a cluttered shoebox, get creative with storage solutions. Think multi-functional furniture pieces like ottomans with hidden storage or wall-mounted shelves to free up precious floor space. The key is to utilize vertical space, hidden areas like under the bed (check this out https://amzn.to/4avmVLi), and multipurpose storage solutions to maximize the limited square footage in a condo. And don’t forget to declutter regularly to prevent things from piling up unnecessarily.

By mastering the art of maximizing storage space, you’ll not only make your condo feel more spacious but also streamline your daily routine.

Q&A Corner: You Asked, I Answer

Since this is the first issue, I don’t necessarily have a question that a reader is itching to have answered. But what I do have is one that I get asked quite often about, and it would be a welcome addition to this first issue.

What is the difference between a condominium manager and a property manager?

It’s a great question, and they (we) share a ton of similarities.

As a Condo Manager, we’re responsible for overseeing the day-to-day operations of a condominium building, working closely with the condo board to manage building maintenance, budgets, and community issues. A Condo Manager must be highly trained and have strict licensing and regulatory requirements (which seem to be increasing every year!).

Property Managers’ roles are just as essential; however, they are less specialized and generally deal with individual rental units within condominiums, apartments, or single-family homes and individual tenants. They will generally collect rental payments, screen tenants, and handle maintenance requests.

Do you have a condo tale to tell or burning questions about condo living? Don’t be shy—share them with me! Whether it’s a funny story, a management mystery, a celebratory story, or just a nightmare, we’re all ears. Respond to this email so we can keep the content coming.

Make sure to share this newsletter with your friends, family, and, more importantly – that neighbour who could learn a few things!