1. What Are Special Assessments?
Special Assessments are a fact of life and should be understood not feared, when looking to buy condos in Edmonton.
In some cases, they arise because of some known repair or deficiency for which the Condo Board failed to collect sufficient reserve funds. However, some issues just crop up unexpectedly and the Condo Board has no choice but to organize the repair and charge the expense amongst the owners.
Contrast the above scenario with owning a single family home. Our home in Edmonton suffered extensive basement flooding a few years ago. There was no provincial assistance program and the insurance policy did not cover water table ingress. The result? A bill for more than $30,000 that we had to pay entirely on…