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In today’s edition:

• Can a Condo Board Exclude a Member from Meetings?

• Essential Insurance for Property Managers

• South Florida Condo Owners Face Rising Costs and Uncertainty

• Property Management Market Set for Significant Growth: Trends to Watch

• Unlock Your Business Potential at the Fall KickOff Event!

• Chic Luxury Condo Overlooking Rosedale Parkette

• Everything Else You Need to Know

NON-FLUFF NEWS AND STORIES

Does Your Condo Board Know the Proper Tendering Process?

Ensuring your condo board follows the correct tendering process for renovation projects is crucial for compliance and fairness. Here are the key steps to keep in mind:

1. Review Your Condo’s Tendering Process:

• Pro Tip: Create a procurement checklist based on past projects. For example, if your condo previously replaced windows, review the lessons learned—like delays due to incomplete paperwork. This ensures you don’t miss key steps, such as acquiring the necessary approvals or permits, before starting the tendering process.

2. Prepare a Detailed Tender Package:

• Pro Tip: Include specific timelines and detailed descriptions. In a recent condo renovation in Vancouver, the board added specific milestones for completing plumbing work by a set date. This clarity prevented miscommunication between contractors and allowed the board to track progress easily, ensuring the project stayed on schedule.

3. Invite Bids:

• Pro Tip: Invite contractors with relevant experience. For example, if you're redoing a rooftop deck, select contractors who have completed similar projects. A Toronto condo board invited five contractors for a roof repair but chose those with experience in high-rise buildings. This prevented delays from hiring contractors unfamiliar with the unique challenges of high-rise work.

4. Protect Your Interests:

• Pro Tip: Check references and past projects. A condo board in Miami requested not just the CCDC11 form but also visited a contractor's recent job sites. This hands-on approach revealed that although the contractor completed work on time, the quality wasn’t up to par. They were able to choose a more reliable option before signing any contracts.

5. Hold a Pre-Tender Meeting:

• Pro Tip: Anticipate common contractor questions. For instance, during a Montreal condo project, contractors often asked about parking restrictions and elevator usage. Addressing these logistics at the pre-tender meeting avoided miscommunication and prevented potential delays due to limited access to the building.

6. Set a Submission Date:

• Pro Tip: Give realistic submission deadlines with reminders. A Calgary condo board gave contractors two weeks to submit their bids for a large painting project, but they sent reminder emails one week before the deadline. This simple action helped ensure all bids were submitted on time, allowing the project to move forward without unnecessary delays.

The GTA Buildings With the Highest and Lowest Condo Fees

New analysis from digital real estate platform Wahi reveals valuable insights into the 10 condo buildings in the Greater Toronto Area (GTA) with the highest and lowest median monthly condo fees. Let’s dive into the trends and see how these fees vary across the region.

What Are Condo Fees?

Condo fees are a reality for all condo owners, but the cost can differ significantly based on the unit size and building. These fees generally cover building insurance, maintenance of common areas, amenities, utilities, and contributions to the reserve fund for major repairs. The exact calculation is based on the proportionate share of a condo unit’s expenses in the overall property management.

Wahi’s Analysis on Condo Fees

Wahi’s new study examined thousands of condo buildings across the GTA by looking at maintenance fees for previously sold one-bedroom condos. The analysis determined a median monthly fee and ranked the buildings accordingly.

“For homebuyers considering a condo, maintenance fees are a crucial part of budgeting,” says Wahi CEO Benjy Katchen. This study provides an estimate of what condo buyers can expect to pay across the GTA.

Top 10 Buildings with the Highest and Lowest Condo Fees in the GTA

Lower Fees in Recently Completed Suburban Buildings

On the flip side, suburban buildings, particularly newer constructions, tend to have lower fees. These buildings generally have smaller unit sizes and fewer included utilities, keeping fees more manageable for condo owners.

The Top 10 Buildings with the Lowest Condo Fees

Quebec Real Estate Brokers Suspended for Fake Bids

The Offence: During the COVID-19 pandemic, two Quebec real estate brokers—Christine Girouard and Jonathan Dauphinais-Fortin—were caught using fake bids to drive up home prices. The brokers manipulated buyers into raising their offers based on fraudulent competing bids, resulting in inflated prices in Quebec’s already competitive housing market.

The Scheme: In one case, a buyer offered $410,000 on a house listed at $399,700. Girouard, the broker, collaborated with Dauphinais-Fortin, who created a fake offer of $370,000 using his then-girlfriend. This tactic convinced the buyer to raise their offer to $450,000. Similar fraudulent tactics were repeated in another case, but the deal ultimately fell through.

The Consequences: Both brokers were suspended in May 2023 after La Presse exposed their unethical practices. Girouard was suspended for 14 years with a $50,000 fine, while Dauphinais-Fortin received a nine-year suspension and a $10,000 fine. The Quebec real estate authority ruled the offences as “very serious,” but stopped short of permanent suspensions due to the brokers’ clean prior disciplinary records.

The Debate: This case has reignited the debate on blind bidding, where buyers submit offers without knowing the details of other bids. Critics argue that blind bidding leads to bidding wars, further driving up prices. While Quebec’s opposition party, Quebec Solidaire, has called for a ban on blind bidding, the practice remains legal in the province.

The Takeaway: The case of Girouard and Dauphinais-Fortin serves as a cautionary tale for buyers navigating competitive real estate markets. While changes like open bidding aim to increase transparency, buyers should remain vigilant against unethical practices, and real estate authorities must continue to enforce strict penalties for fraudulent behavior.

MARKET UPDATE THAT’S EASY TO UNDERSTAND

Toronto’s 2025 Housing Market: Predictions, Insights, and What It Means for You

Where Are Toronto Home Prices Headed?

• Upward Price Trajectory: Analysts predict that Toronto home prices could reach record levels by 2025, driven by an ongoing housing shortage and robust buyer demand. If you're contemplating a purchase, this could be a good time to act before prices rise even further.

• Market Correction Possibility: Some experts are cautioning about a potential economic recession, which could cause a dip in housing prices. Real estate markets are often affected by broader economic downturns, so it's important to factor this possibility into your decision-making.

Impact of Condo Investors on the Market

• Negative Cash Flow Concerns: Rising interest rates are creating financial challenges for condo investors in Toronto, with rental income failing to cover mortgage payments and expenses. If this trend continues, we could see a significant number of investors selling their condos, leading to increased supply and potentially slowing price growth.

What Does This Mean for Buyers and Sellers?

• For Buyers: The next few years present both challenges and opportunities. Rising prices may make it harder to afford a home, but a possible recession could cool the market and create more buying opportunities. Be sure to work with a trusted real estate agent and stay financially prepared.

• For Sellers: If you believe prices will continue to rise, holding off on selling could maximize your returns. However, if you're concerned about a market downturn or are facing negative cash flow as a condo investor, selling sooner might be the better strategy.

Stay Informed and Ready for Uncertainty

• The Toronto housing market is unpredictable, and while forecasts offer valuable insights, there's no way to know for sure what will happen. Whether you're buying, selling, or just keeping an eye on the market, staying informed and working with knowledgeable professionals is the best way to navigate the changing landscape.

  Source: Medium

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A PROPERTY THAT CAUGHT OUR EYE

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Architecturally stunning penthouse with 14-foot ceilings and breathtaking skyline views.

Expansive open-concept living area featuring floor-to-ceiling crittall-style windows, gas fireplace, and polished concrete floors.

Chef’s kitchen with Sub-Zero and Wolf appliances, wine fridge, and large center island perfect for entertaining.

Primary suite with custom closets and spa-like ensuite with heated flooring.

Private rooftop terrace with integrated kitchen, gas fire pit, and heated floors for year-round enjoyment.

Located in The Brewery Lofts, a historic hard-loft conversion in the heart of Queen East.

EVERYTHING ELSE YOU NEED TO KNOW

Scrolled this far? Enjoy these exciting bonus bits!

First Time Living with a Roommate? Unlock the 5 essential dos and don’ts for a smooth co-living experience. Whether you’re moving in with a friend or partner, these tips will help create a happy home and stress-free living.

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How to Buy Real Estate in Alberta: Dive into this step-by-step guide to navigate Alberta’s real estate market. From preparing to closing the deal, get expert insights to make informed decisions whether you’re settling down or investing!