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Governance at Home: The Wild West of Condo Boards

The Conference Board of Canada, August 25, 2016
Recorded Webinar
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The Canadian real estate market has seen a tremendous shift in the last decade. According to an article in Maclean’s magazine, more than 1.6 million Canadian households, representing 12 per cent of the population now live in condos. In fact as of 2013, in Ontario, 50% of new housing starts are now condos. Typically centrally located in city centres and within close proximity to corporate offices, 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 first-time buyers, as well as baby boomers looking to downsize.

Condos have multiple stakeholders (owners, investors, tenants, and property managers). As a result, it is complicated to effectively govern a complex and valuable entity like a condominium. It is the responsibility of the condo board to make decisions on behalf of the owners and in their best interest. Often these decisions have financial implications for the owners. Condo boards directors are elected volunteers and usually have limited experience in governance or in managing property. What happens when generational conflicts, law suits, budget shortfalls, internal politics and power struggles come into play? How are the owners and other stakeholders affected?

Join us as Pat Crosscombe dives deeper into the wild west of condo boards, and what must be done to ensure effective governance on the home front.

Webinar Highlights

In this 60 minute discussion, Pat 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

About Pat

Photo of Pat CrosscombePat Crosscombe is the Founder & CEO, BoardSpace. She is also a past President of her condominium board of directors and was responsible for governing an 87-unit townhouse condominium that had previously been a rental property. During Pat’s five-year term on the board, she faced what seems like every possible challenge known to condominiums: lawsuits, mediation, title insurance subrogated claims, declarant misbehavior, owner challenges, dog issues, special assessments, new bylaws, special engineering studies, reserve fund studies, fire code violations requiring a court appearance, overseeing a tender for very large roofing projects, water and sewage infiltration in basements, and much more. This extraordinary experience as a director required that Pat take every opportunity to learn more about condo management and governance in order to keep with the challenges.

Pat is passionate about improving governance and sharing her experience with others. She believes that if owners and directors had better information and knowledge about condominiums and what it really means, many problems could have prevented and would result in owners achieving the worry-free lifestyle promised.

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