Warning 1294, 1298, 1302, 1306: Guelph Line, Burlington, Ontario. A special assessment of over $2 million will have to be paid by the owners
Warning 1294, 1298, 1302, 1306: Guelph Line, Burlington, Ontario. A special assessment of over $2 million will have to be paid by the owners. The special assessment, which was levied by the Ontario Government Review, has been communicated in writing to the Condo Corporation Board.
This Condominium Corporation, known as HCC (Halton Condominium Corporation) 30, is a self-managed condo corporation and has very limited reserves. As such, a special assessment of possibly over $75,000.00 (2,100,000 / 28 units) is expected, which amounts to $75,000.00 per unit.
We nearly purchased one unit a few years ago but were astonished to see this. I'm just glad we did not buy. This Condominium Corporation was managed approximately 15 years ago by an outside manager, and there was major fraud committed by the condo manager.
Here is a link to charges of fraud over $4 million.
https://www.fsresidential.com/ontario/news-events/articles/man-charged-in-4-1-million-condo-fraud/
https://www.fsresidential.com/ontario/news-events/articles/man-charged-in-4-1-million-condo-fraud/
The Townhouse located
1294 Guelph Line, Burlington
1298 Guelph Line, Burlington
1302 Guelph Line, Burlington
1306 Guelph Line, Burlington
The current condo board was not involved with the outside manager who committed fraud; however, they were unable to recover the lost funds.
The special assessment of over $2 million is a result of the following:
In Ontario, every condominium corporation is required to obtain a Reserve Fund Study (or a Capital Replacement Plan) at least every three years. This study is mandated by the Condominium Act and is essential for ensuring that the condominium corporation has sufficient funds to cover the costs of future major repairs and replacements of the common elements.
The building is almost 50 years old, major leakage issues with the underground parking.
Posted Jun 5, 2025, 9:34 PM UTC