Will the reserve fund cover the next big repair?

How it is estimated. The fund grows with the yearly contribution and interest, and the work’s cost grows with construction prices. A shortfall is split by your unit’s share of common expenses. A real reserve fund study plans every component over 25 to 30 years, so one project can look covered while others compete for the same money; read the study’s funding plan.

Minimums by province. In Ontario, the reserve contribution must be at least 10% of the budget until the first reserve fund study is in place, then what the study shows is sufficient; studies are renewed every 3 years. In British Columbia it must be at least 10% of the operating fund contribution, with a depreciation report every 5 years. Quebec requires a contingency fund study every 5 years, with contributions of at least 5% of common expenses until the first study sets them. Alberta requires a reserve that is reasonably sufficient under a plan renewed every 5 years. Read the condo reserve fund guide for sources, special assessment votes and the documents to ask for, and add the fees to your affordability check.