As of January 2020, the adoption of the omnibus condominium bill stipulates that syndicates will be required to produce a contingency fund study of their condominium every five years. Although these changes are not yet in effect, they are scheduled to take effect in the year 2022. Therefore, certain terms and conditions will have to be respected once the regulation is established in the Civil Code of Quebec.
What situation applies to your condominium?
- For a condominium established before January 10, 2020, you will have to comply no later than three years after the bylaw comes into force;
- For a condominium established after January 10, 2020, you will need to be in compliance by the time the by-law comes into force, which could be as early as the end of 2022.
A contingency fund study involves …
|A technical component||A financial component|