Wednesday, April 29, 2009
Sunday, April 5, 2009
Are you insured? Three separate events on the first floor highlight the need to have adequate homeowner's (or renter's) insurance. One family will be unable to live in their suite for several weeks after a pipe burst in their ensuite, flooding the entire unit during the day while they were at work. IvyLea's insurance covers repairs to walls and flooring,but the suite owners' insurance will have to cover the costs of alternate housing, damage to furniture, clothes and electronics as well as upgrades to flooring. Another resident's insurance will cover the costs for clean-up after a mishap with a microwave filled the suite with smoke.
New quote for roof reno Council accepted a quote from a reputable company for replacing the entire roof. Arbutus Roofing's quote came in at $212, 404 plus GST. That's about $100-grand less than a previous quote owners considered at the start of the year. Assessments are lower too, now they will range between $3202 and $4413 based on unit entitlement.
A Special General Meeting to vote on moving ahead with the project is tentatively scheduled for April 29.
- The fountain should be operational once again within the next few weeks.
- A balcony cleaning schedule will be posted soon
- Council deferred a decision to paint the hallways until June
- Council paid $10,000 from the Contingency reserve fund to pay the insurance deductible for the flood on the first floor.
- Council instructed the property manager to track expenses eligible for the Home Renovation Tax credit
Thursday, February 26, 2009
The two resolutions about the roof were both defeated on their first vote therefore, our 2nd vote on resolution number two does not count. (I suspected that that might be the case last night but was not 100% sure.)
We will have to take it to ANOTHER SGM with another resolution dealing with the roof.
I will obtain quotes again to see if we can reduce the price and we will go from there. We will vote on one resolution dealing with the whole roof.
Watch for more details.
Wednesday, February 25, 2009
It looks like IvyLea owners may be eligible for the new Home Renovation Tax Credit. Here's what I read on their FAQ page:
10. Will expenditures for the common areas of condominiums and co-operative housing corporations qualify for the credit?So, if you're in for $5000 and the credit is 15% you can expect $750 back from the government. Now, don't get your hopes up, I'm not an an accountant or tax lawyer!
In the case of condominiums and co-operative housing corporations, the individual's share of the cost of eligible expenditures for common areas will qualify.
5. How will the credit be calculated?
The credit will only be available for the 2009 tax year and applies to eligible expenditures of more than $1,000, but not more than $10,000, resulting in a maximum credit of $1,350 ($9,000 x 15%).
Another remedy mentioned at the meeting was a grant from Canada Mortgage and Housing Corporation for low income households ( Homeowner Residential Rehabilitation Assistance Program / Homeowner RRAP) But it looks like that money is not available. When I "pre-applied" the response came back:
Thank you for your interest in CMHC’s renovation programs. Please be advised, based on the postal code and renovation program you entered, current program funding has been fully allocated.If there were RRAP funds available, the site goes on to say that:
So, keep your eyes open for other grants and opportunities to help defray costs!
You are eligible to apply for the RRAP for Homeowners program if:
- The total annual gross (before taxes) income of all household members 16 years and over is less than or equal to: $32,500
- The value of your house is less than or equal to: $525,000
- You meet all program eligibility requirements before applying.
- To apply to the program, complete the Homeowner RRAP application form.
Saturday, February 7, 2009
A second resolution dealing with banning realtor's' lock boxes will also be presented.
Owners have received an information package on Feb 4.