No matter how beautiful a new co-ownership is, it will age and eventually require major repairs. In Quebec, about half of the syndicates of co-ownership do not have any management tool to adequately fund the contingency fund . This issue, which can have disastrous financial consequences for some co-owners, is expected to be addressed soon through the requirement to conduct a contingency fund study, to which condominium syndicates will be subject following the amendments to the Quebec Civil Code after the adoption of Bill 16 in December 2019.
This contingency fund study will prevent financial difficulties caused by administrators who have not adequately planned the amounts of money to be allocated. Here's a look at the modalities related to the contingency fund study and the transitional measures surrounding these new legislative provisions.
