Ontario
Condo Reserve Fund Studies in Toronto and the GTA
Toronto condo corporations need a reserve fund study every three years under the Condominium Act, 1998. Reserve Plus prepares Class 1, Class 2 and Class 3 studies across the GTA. Every Ontario study is signed by Taylor Smith, P.Eng., licensed with Professional Engineers Ontario, and the first draft arrives about 30 days after your board approves the quote.
Ontario's three-year cycle
Class 1: comprehensive
Within the first year after registration. Full site inspection, records review and interviews. Sets the 30-year baseline.
Class 3: update, no site visit
Within three years of the Class 1. Updates the financial model and component data from records.
Class 2: update with site visit
Three years after the Class 3. The provider returns to the property before updating the model.
After that, Class 2 and Class 3 studies alternate every three years, so the building is inspected in person at least every six years. The study cannot be waived or deferred. Class 1 vs Class 2 vs Class 3, explained.
What Toronto buildings need from a study
Much of Toronto's condo stock is high-rise concrete, and those buildings carry the components that drive the largest reserve fund plans: roofing and the building envelope, windows and balconies, elevators, boilers and HVAC, fire and life safety systems, and parkade structures. Ontario's regulation requires every component with a replacement cost over $500 and an expected major repair or replacement within 30 years to be in the inventory.
We also work with townhouse and low-rise corporations across the GTA, including Mississauga, Brampton, Vaughan, Markham, Richmond Hill, Oakville, Burlington, Pickering, Ajax.
After the study: the Notice of Future Funding
- Within 120 days of receiving the study, the board proposes a funding plan.
- Within 15 days of proposing it, the board sends a Notice of Future Funding to all owners. Any difference from the study's recommendations has to be disclosed.
- Within 30 days of sending the notice, the funding plan is implemented.
- The study and plan go to the corporation's auditor.
With our Standard and Premium studies, myRPlanner keeps the plan current through the three years until the next update.
Who prepares your study
Every Ontario study we deliver is signed by Taylor Smith, P.Eng., co-founder of Reserve Plus and licensed with Professional Engineers Ontario. Our own building envelope team travels for the site visit, so the people who inspect your building are the people who write the study. Reserve Plus has prepared more than 10 reserve fund studies in Ontario, and more than 1,200 across Canada since 2012.
Costs depend mostly on building type and size; see our cost guide. Under section 94(7) of the Act, the study can be paid for from the reserve fund.
Questions from Toronto boards
Does Reserve Plus do reserve fund studies in Toronto?
Yes. We prepare reserve fund studies for condominium corporations in Toronto and across the GTA. Every Ontario study is signed by Taylor Smith, P.Eng., licensed with Professional Engineers Ontario, and our own team travels for the site visit.
How often does a Toronto condo need a reserve fund study?
Every three years, under the Condominium Act, 1998. A Class 1 comprehensive study is due within the first year after registration, a Class 3 update (no site visit) within three years of that, then a Class 2 update (with a site visit) three years later, alternating every three years after that. Every class must project at least 30 years.
What happens after the study is delivered?
Within 120 days of receiving the study, the board must propose a funding plan. Within 15 days of proposing it, the board must send a Notice of Future Funding to every owner, and the plan must be implemented within 30 days of sending the notice.
Can the cost of the study come out of the reserve fund?
Yes. Under section 94(7) of the Condominium Act, 1998, the cost of the study may be charged to the reserve fund.
How long does a Toronto study take?
The first draft arrives about 30 days after the board approves the quote, including booking the site visit. Your quote arrives by email within seconds of requesting it.
Who is qualified to prepare a reserve fund study in Ontario?
Section 32 of O. Reg. 48/01 sets out who may prepare one, such as an engineer, architect or engineering technologist, and requires them to be independent of the corporation. Reserve Plus studies in Ontario are signed by a P.Eng. licensed with Professional Engineers Ontario.
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