The Canadian Condominium Institute, North Alberta Chapter put on a successful Condo Expo last month. Held at the Robbins Health Learning Centre at MacEwan University on May 12, attendees were able to network with professionals in the condominium industry and attend presentations to better understand the challenges of owning a condo.
This event is the largest condominium conference and trade show in Western Canada, and Braden Equities Inc. was an exhibitor for the second time. It was important for Braden Equities Inc. to participate in this Expo in order to meet condo board members, as well as to attend valuable seminars and panels to keep up with the changes in industry. They gained an increased understanding of the ins and outs of the industry, including upcoming changes in legislation, and trends in Alberta condo ownership.The Expo was a great opportunity to exchange ideas with other industry experts and learn about board and corporation liability, maximizing capital assets using the reserve fund report, and the upcoming changes with the legalization of marijuana.
Legalization of Marijuana
With the upcoming implementation of the proposed Cannabis Act, new legislation will soon allow for the recreational use of marijuana. For this reason, condominium boards need to be proactive about how they are going to handle this change in regulation. After all, marijuana odour and smoke could lead to complaints. Knowing how to mitigate these issues before they arise will lessen the pressure and create a more stable environment for all parties living in the building.
Per an article published in the Edmonton Journal, Roberto Noce, a former City of Edmonton councillor, says that condo boards must improve their bylaws in order to implement adjustments concerning cannabis before it is legalized this summer.
In his opinion, a simple solution would be to prohibit the use (and even cultivation) of cannabis on condo properties. These amendments would not only impede the transmission of unwanted odour and air contamination, but would also improve a building’s fire safety.
Contracting Property Management Services
Contracting property management services relieves a lot of the stress that boards of directors might feel. These companies handle the maintenance and residential updates, which will keep condominiums on track with market trends and keep them at a high quality. Ultimately, this ends up increasing the property value.
Condo boards of directors must focus on managing corporations to ensure that they can better serve the rest of their members. Most board members do not possess the necessary knowledge or expertise to make informed decisions; therefore, they should leverage the expertise or experience of their professional property management company.
Hiring a property management company will not only lessen the workload for condo board members but will also save those members money on maintenance costs. What’s more, an experienced and reputable property management company stays ahead of regulatory law changes and best practices. A property management company that has the experience and knowledge of landscaping, governance, and legislation is one that benefits boards of directors.
At Braden Equities, they understand the challenges that come with being part of a condominium board. They know that members of a condo board volunteer their time, expertise, and energy into managing a condo.
As a professional property management company, Braden Equities has the skill and knowledge to understand the issues that affect property management. They are able to advise condo boards on what to do, so that they can better manage other important aspects of their lives.
Contact Braden Equities today.