Condo Living-The Worst Kind of Canadian Living?

[whatnext]

This CTV piece struck me as perfect for this thread. How could a seven year old building have these kind of issues and how is the builder/developer not liable somehow?

'No one has $70,000 lying around': Toronto condo owners facing massive special assessment
Pat Foran
Updated Oct. 5, 2024 1:37 p.m. PDT
Published Oct. 3, 2024 5:02 p.m. PDT

The owners of a North York condominium say they are facing a $70,000 special assessment to fix their building's parking garage.

“$70,000 is a lot of money. It makes me very nervous and stressed out of nowhere for this huge debt to come in," said Ligeng Guo.

Guo said he bought a unit in the complex at 869 Wilson Avenue five years ago. He said the possible bill is also difficult for him to imagine paying because he doesn’t have a parking spot in the garage.

According to Guo, he received a notice from the property management company that looks after the complex which said a possible repair to the building’s parking garage may require a $7 million loan to be taken by the condo or a special assessment of $70,000 each for about 100 unit holders.

When CTV News Toronto showed up to the building, other unit holders also expressed concerns about the building’s potential repair costs especially since the building is only seven years old....

....“The Condominium’s engineers have advised that water penetration into the concrete garage roof slab poses a serious structural risk which must be addressed. The Board takes this issue extremely seriously, especially in the wake of the deadly 2021 condominium collapse in Surfside, Florida, which was similarly caused. The Board is tasked with ensuring that necessary repair work takes place, even if the difficult decisions it makes are unpopular with owners.”...

https://toronto.ctvnews.ca/no-one-ha...ment-1.7061725