Condominiums carry a number of risks, some of which owners and condo boards may not be aware. In examining these risks and the necessity of sound reserve funds to cover future maintenance, the actuarial profession has several insights to offer in this area.
Condos and the future: mitigating risks and ensuring long-term sustainability
Final notes in the countdown to IFRS 17
Eight men out
Last year, I recorded a podcast episode with Frank Grossman, discussing a research project he completed looking at ethical concerns within the profession. I’ve known Frank for over thirty years, and I don’t think we have ever had a conversation that lasted less than an hour, so I wasn’t surprised when we continued talking for another forty minutes after the recording was completed.
Condo stakeholders at risk due to uncertainty in their reserve funds
New research by the Canadian Institute of Actuaries reveals that low reserve fund contributions will likely lead to overwhelming annual increases and require lump-sum payments from owners to cover shortfalls, and could potentially lead to the loss of homes, especially in the context of rising interest rates.