This downtown Toronto condominium was faced with major planned expenditures to replace their roof and to complete widespread building envelope and parking garage repairs. These major projects were planned in the current Reserve Fund Study.
We were retained to carry out a new Reserve Fund Study to help the Board plan and prioritize these repairs. During our site review, service contractor interviews, and management interviews we determined that some repairs were not urgent and could be deferred with very minimal risk. Our site review team leveraged their building repair knowledge to assess the condition of major building components such as the parking garage to plan timing for a future Condition Assessment and repairs.
Targeted project deferral has proven to be a success. We have worked closely with the Board and Management for the past number of years to manage minor issues as needed and to focus on building the Reserve Fund until the major repairs projects are carried out. The owners have benefitted from increased financial stability and peace of mind knowing that their engineer is familiar with their entire building and is helping to guide the Board in managing these major repair projects.