June 2024
Canadians on average spend 15 hours a week worrying about things according to Scotiabank’s Worry Poll. Financial concerns top the list with people worrying about how to pay for daily expenses, handle debt and cope with a lack of savings. The average number of hours each week that we spend worrying about finances has increased quarterly since 2021.
More than 25 percent of Canadians are so stressed about finances, according to the survey, they are losing sleep. Women are more stressed than men, and younger generations are more stressed than baby boomers.
It seems that we spend more time worrying about things and less time fixing what can be changed. Work-life balance now means working fewer hours and from home. Is it a surprise that those wanting this lifestyle don’t have enough money? Others take on massive debt to own a home they can’t afford then worry about paying the mortgage. That coveted work-life balance everyone wants is expected to come without loss of income.
In the middle of all this are condo boards trying to do what is impossible. They are unable to cover the cost of maintaining the shared high-rise home while keeping fees lower and more affordable than is reasonable. The consequence of this is that over half of all condominium corporations are estimated to be collecting too little in condo fees and will likely have to impose one or more special assessments to keep their building livable as they age.
Condo owners continue to want nice and well-maintained amenities, enhanced security and other luxuries without being aware of what it costs to maintain their home, and the need for higher condo fees. For many communities, special assessments appear to be the only way to do everything required to maintain a home that is modern and well maintained.
