The Canadian home ownership market has seen a tremendous shift in the last decade. An estimated 53% of Toronto residents – nearly 1.4 million people – now reside in condos. According to the 2011 National Household Survey (NHS), one in eight households in Canada – 1,615,485 households – lived in condominiums. Estimates are that the share of the Canadian population living in condos has increased substantially in the last 5 years, particularly in urban centres where condo dwellers can comprise upwards of 50% of households. Typically centrally located in city centres and within close proximity to corporate offices, retail, entertainment and services, condominiums promise a worry-free lifestyle that is both affordable and low-maintenance. It is no surprise that these housing options have become very attractive for everyone from first-time buyers to baby boomers looking to downsize. A key factor in maintaining a pleasant living experience and managing the multiple interests of the condominium is the condo board.
Condominium corporations have multiple stakeholders; owners, investors, tenants, and property managers. Given its complexity, it is challenging to effectively govern such a valuable entity.
Condo board directors are elected volunteers, often with limited experience in governance or in managing property. This group of volunteers is expected to make decisions that are in the best interest of owners, investors and all other stakeholders. Often, these decisions have financial implications. This can result in lawsuits, budget shortfalls, internal politics, generational conflicts and power struggles. Owners and other stakeholders are affected.
It is into this environment that The Conference Board of Canada is venturing.
Governance at Home: The Wild West of Condo Boards is an upcoming webinar by The Conference Board of Canada aimed to help condo boards, management and others with an interest in condo governance. This 60-minute webinar (discussion) will provide insight on:
- Why condo boards are in dire need of a governance lesson
- Common challenges faced by condo boards, and best practices for mitigating and/or minimizing these issues
- Structures and policies that need to be put in place in order to effectively govern
- Sought-after skills for board members and tips on the recruiting process
Webinar participants will be able to download the webinar and share with fellow board members or associates. More information on this webinar is available through The Conference Board of Canada.