Condo owners in a North York complex are grappling with the shocking news of a potential $70,000 special assessment per unit to fund urgent repairs to their building’s parking garage. The estimated total cost of the repair is $7 million, which would require either a loan or the hefty assessment to be paid by approximately 100 unit holders.
Ligeng Guo, a unit owner, expressed his frustration, saying the sudden financial burden has caused significant stress. Despite not having a parking spot in the garage, Guo received notice of the potential assessment and shared that paying the bill would be difficult, especially since he rents out his unit and lives elsewhere.
Other condo owners, like Augustine Ogditi and Elvin Aoegria, echoed similar concerns, citing the skyrocketing cost of living and inflation, which have already made financial responsibilities challenging. The seven-year-old building’s relatively recent construction has left many unit owners questioning the need for such extensive repairs.
A professional engineering analysis revealed that water penetration into the concrete roof slab of the parking garage poses a serious structural threat, prompting the condo board to take action. The board, speaking through legal representative Patrick Greco, emphasized their responsibility to ensure the building’s safety, drawing parallels to the 2021 Surfside, Florida condominium collapse, which was caused by similar structural issues.
While the condo board’s decision to proceed with repairs remains firm, following concerns raised by unit owners, the board has opted to reschedule the vote on the special assessment. This delay offers owners more time to review the situation and consider their options before making any final decisions.
The situation serves as a stark reminder to condo buyers to carefully review the financials of a building and assess whether any major repairs or special assessments may be forthcoming. While low maintenance fees may seem appealing initially, they could lead to larger, unexpected costs down the road.
