Condo Maintenance Fees & Budgets

May 26th - Open round-table meeting took place with large turnout of owners, board members, and manager.

A group of owners had assembled a detailed presentation, raising many questions about the process by which the budget is decided, and the funds of the corporation are used to maintain and improve the property. The presentation took almost an hour, with time for only a short discussion.

The board undertook to go through the more than fifty issues raised during the presentation, and work on the clarifications, corrections, responses, and suggestions, all with a view to achieving an open, trusted understanding of the complex process by which a condominium is managed financially, and safely, now and into the future, avoiding any threat of a "special assessment".

June 10, 2026 (Letter from the Board of Directors to all Owners at SSP)

The Roundtable Meeting May 26, 2026, and a plan going forward.

Dear Neighbours,

The Roundtable meeting we are writing about is the result of a survey circulated by your Board of Directors to all owners in late March ("Invitation to Have Your Say").

The purpose of the survey was to share a list of capital/reserve fund projects that need to be addressed in our complex. We included some market cost estimates and the reserve fund budget we have on hand to spend. We asked for your opinion on the priorities you felt were most important in the upcoming fiscal year, given anticipated costs, and projects at hand.

These priorities are all related to, and identified as Reserve Fund expenditures, captured in the Class 3 Reserve Fund Study submitted by Cion (a Condominium Act requirement). Our most recent report was distributed to all Owners in August 2025.

The response rate was good (32 out of 85 owners replied – considered a decent response by people who manage polls!). We summarized those responses, sent out an email to all owners, and posted the same summary on the website. (Update: Have Your Say Survey Results April 22nd, 2026). Several responders, including a group of owners (see below) requested a meeting with the Board, which we organized and held May 26th. Upwards of 30 owners and residents came to the roundtable.

At the meeting, three owners requested time to present the results of a WhatsApp survey they had conducted regarding our community's regular services and upcoming capital projects. (We will refer to this group as “the WhatsApp Group” for clarity).

Although the survey was not offered to all 85 owners (including the Board of Directors), the survey gathered comments and concerns that mirror Board priorities: namely enhancing quality of services and keeping the monthly maintenance fees as low as possible, while meeting our budget and regulatory requirements.

At the next Board meeting, we will look at four key areas that were highlighted in the WhatsApp group presentation:

Financial Management – including monthly maintenance fees - historical data review and projected future increases, Reserve Fund and Operating budget management, audit support, benchmarking.
Quality of Services – including the day-to-day management of Lawn and Snow removal contractor work, maintenance project work (electrical, roofing, fences, etc.), property management services and external contractors, such as Bell, Hydro, Enbridge.
Project management – including reviews of project scope, requests for proposals, contractor evaluation and selection, follow-up, and benchmarking.
Communication – including how the Board communicates with the owners, how management communicates with owners and the Board, website management, and condominium communication in general.

We will create a work plan for each area of focus. We anticipate that our reviews may include process and/or procedure changes, regulatory requirements, process improvement, and more. We will share the plan, key deadlines, our process, findings, and actions with owners through emails and postings on the web.

The planning will begin in June at the last Board meeting before the summer break. Ideally, we would like to begin the work this summer, however it is a busy time for all, with summer plans and commitments already in place. We will let you know what we can commit to following the Board meeting.

Finally, there were several misunderstandings regarding how the complex's finances and projects are managed during the presentation by the WhatsApp group that we feel need to be addressed immediately.

Budget Planning vs. Approving Contracts: The financial figures cited in the presentation (such as the $63,553 deck figure and the asphalt planning numbers) are not final approved contracts, nor were they ever brought forward for a final vote. In responsible condominium management, the Board collects rough market estimates well in advance. This allows us to prioritize projects for the upcoming fiscal years and ensure our reserve fund remains healthy and stable. Our procurement process remains strict: no major project is ever approved without obtaining a minimum of three competitive bids, and conducting a thorough evaluation. The numbers discussed by the organizers were simply preliminary planning benchmarks, not final spending.
Addressing Regular Service Quality: As volunteer Board members who also live in the complex, we experience the same daily realities you do. When snow is left on the roadway, or when maintenance issues arise, it directly impacts our homes, our families, and our monthly fees just like yours. We care deeply about this property because it is our home, too.We hear the community's concerns regarding daily service quality clearly. While we meet regularly with our contractors, and monitor their performance, your feedback regarding snow removal, concrete durability, and vendor performance is important. It will be a part of the Service Quality review noted above.
Capital Maintenance: We will continue to follow our standard internal multi-quote policy for all upcoming capital projects to ensure our corporation receives competitive pricing, high-quality workmanship, and industry-standard market warranty periods to protect our investments. All contracts and proposals are reviewed by, and voted on, by the Board of Directors.

Thank you to the WhatsApp group for taking the time to gather data and present at the Roundtable. We have a good framework to build upon with our Board review.

Thanks to all the attendees at the Roundtable meeting. Your partnership and your shared commitment to keeping our townhouse complex a wonderful, financially sound place to live is something we can all get behind and support.

Regards –

Board of Directors – Adam, Howayda, Tim, Vesna, Wendy

Property Manager – Diane Zerafa

Posted Thursday 23 April: Earlier this month, we invited the owners at YCC #110 to give us feedback about which of the “big ticket” projects should be addressed first. These projects are listed in the Engineering Report, and are all funded from our Reserve Fund. We have, of course, too many projects and not enough money to do them all this year, hence the survey to help us set our budget, prioritize what gets done first, and decide what can be scheduled later.

At the April Board meeting last night, we reviewed the excellent feedback from participants and decided how we will plan to go ahead. Thirty two responses was actually more participation than we had at the last Annual General Meeting!

In addition, you offered many comments and suggestions about priorities (See below for a summary).

Option #1- FULL completion of the watermain, was chosen by 65.6% of respondents as the most urgent project. Fixing the roadway was also seen as a high priority, once the watermain work is complete. Decking and lighting were also listed.

We will move ahead with the watermain project at once, because large projects like this need long lead times for planning (estimated at 6 weeks). Diane, our Manager, is working with the contractor to schedule the work as soon as possible. Completing the work early means we may be able to re-surface the asphalt roadway while the weather is still suitable; (freezing weather would definitely defer the work).

Comments submitted (summary).........

W/main failing is greatest risk to all residents… Get this done in full to avoid future breaks, which would incur more costs, time, and effort (repeated x4)
Thank you! (repeated x2)
Get w/main done. Repaving next- eyesore/prop. values. Decking distant #3rd. More bids for lighting needed
W/main could break anytime- extra costs. I choose paving and decking next year
Road repairs currently an embarrassment. With opt. 2, when would remaining work be done? Asphalt and street-lighting are next important priorities
W/main biggest risk. We also need street lighting (safety) so any manageable combination is desirable. Also pest-proofing roofs. More questions and request for disclosure and transparency will be sent in email
We would like an in-person meeting with residents to review and discuss
Please compl w/main project. Every unit should have equal access to quality water delivery. Asphalt if money left. Avoid investing in lighting system; many options for more suitable system. Review at next AGM Thank you!
More delay is huge risk. W/main repairs costly; we don't have funds to re-do this. Suggest spot repairs for roadway and maybe decks 20-26
Street lighting equally important after a reasonable quote. Safety/security issue. Roads should be fixed after w/main & street lighting; to avoid constant digging causes internet issues Request meeting (repeated x2)
If #34 IS included. Otherwise, select option 1
Decks should be #19 to #35. Balcony is quite loose. This is a safety concern for our kids
Request for more detailed costs. Decking estimates significantly higher than expected: about double what "Home-stars" would estimate. Details on page attached
Select PARTIAL completion of w/main and lighting (for safety & liability. Can we look at newer lighting options? LED, motion -sensors, not just fixing the old fixtures.
Ensure roof repair is secure as there is still moisture and dampness in crawl space during heavy rain. Replace deck as I cannot use my walker out there.
Requesting an in-person meeting as per resident's letter
Water valve not working, washroom leaking on the ceiling
As per letter from residents, I would like to have a joint meeting with both management and the board to discuss these important matters.

(Older Post from 2023 about condo fees and special assessments....)

Dear fellow owners: it’s unavoidable: Our monthly condo fee will be increasing for the coming year, not by an excessive amount, but enough to keep special assessments at a safe distance and our reserve fund in good shape. What are "special assessments", you ask?

Condominium owners at

Guildwood Terrace, 3233

Eglington Avenue E, were

recently informed that they

needed to pay between

$25,000 and $50,000 each

to cover the $12.5 million

“building envelope” project

that included replacing all

the windows.[1]

There was simply not enough money in the reserve fund from the monthly condo fees. The work had to be done, so owners were given the choice of making a single lump-sum payment or annual installments. This was a "special assessment", and for all condominium owners, a nightmare.

In another case, owners at Twin Towers, 234 Albion Road, similarly had to pay a special assessment of about $10,000 each, in addition to paying off a seven years’ old bank loan to repair balconies. Again, the reserve fund could not cover the costs.

No-one wants to receive a special assessment; they happen usually after years of boards’ mismanagement or reluctance to plan for future costs. Often, board members will champion the cause of “reducing the monthly condo fee,” until reality hits in the shape of insufficient funds to carryout necessary repairs. In most instances special assessments can be avoided by careful financial planning by the board.[2]

At Silver Shadow Path (YCC 110) your Board examines the condo financial statements in great detail, and we follow the recommendations of the Reserve Fund Study (a required study done every three years, by a third party, estimating expenditures for anticipated work and detailing the amount of money the condominium corporation should hold in the reserve fund).

We face three challenges, and we want everyone to be aware of them.

Age & repair. 2023 is our 50th year and like the human body things become worn out, fall off, or need repair. We have had three watermain breaks in the last 6 months on old pipes, so renewing pipework for the entire complex is a current top priority. Some of the fences are deteriorating, railings are rusting, roadways will need resurfacing, and fire hydrants will require replacing at some point.
The cost-of-living surge. We have all been experiencing higher prices since the beginning of 2023 in the supermarket, but it’s also present in costs of energy, lumber, materials, equipment, contractors, and labour.
A third challenge is the threat of increasing damage from changing climate: stronger winds, storm damage to trees, roofs, risk of flooded basements, and more. We certainly have experienced higher than “normal” wind over the past few years, causing ongoing damage to the roof shingles.

What is the current situation, and how far have Toronto condo communities lapsed? Even before the current inflation spike, the Auditor General of Ontario reported in 2020 that 69 percent of surveyed condo boards did not have adequate funds to pay for major repairs. While the best-managed condominiums are likely to incorporate fee increases of eight percent or more, some high-rise condominium communities can expect fee increases in the double digits. Many condominium boards have been basing fee increases upon the Consumer Price Index (around 2 percent) - clearly unrealistic - and Toronto Condo News reports that increases between 35% and 50% may be necessary to avoid special assessments.[3]

What about fees at Silver Shadow Path? We have consistently followed or exceeded the Reserve Fund Study Contribution Guide as we prepare the annual budget for the operating costs and reserve fund contributions. This year, we are planning a 6.9% increase for monthly maintenance fees. We believe this will keep the fund healthy, with enough of an allowance to deal with increased costs on building/repair materials, water, electricity and other related expenses due to the age of the complex, inflation, and more.

You will see the budget and increase to our monthly fees in the communication that is being mailed today, May 8th, from the management office.

Your comments and questions are welcome – send an email to tsly@torontomu.ca or use the Owners’ Forum to post ideas and comments. You’ll find the Owners’ Forum tab on the front page of the website (www.silvershadowpath.com).

[1] TOCONDONEWS.COM April 2023, p. 22

[2] TOCONDONEWS.COM September 2022, p7

[3] TOCONDONEWS.COM September 2022, p6