StephiePatrice
New Member
But the units in M3 are smaller than in M2, the newer the building the smaller the units in them
Not a "complete mess", just one bad mistake of paying off the mortgage on the Superintendent Suite. It will soon be rectified by selling it and having a daytime only Superintendent here.
True, but regardless by the time all the legalities are sorted out and we actually get the votes in order to sell the unit (85% in favour) -it will probably be close to a year from now so regardless all the money they need now needs to be paid. We won't see any reduction in maintenance fees if any until next budget. Trust me. The most they will do is try to spread the special assesments fees between 4-6 months instead of 3 months. We are already in this mess, there is no "quick" fix, they need the money now and all the rest will be sorted out during the next AGM.
I understand where the board was coming from by paying off the mortgage earlier, this is a good long term business decision but we could have sat on it a little longer, there was no rush, not if it was going to deplete the operating budget 3 month "nest" ... this is why we currently have a cash flow problem because the corporation is basically living pay cheque to pay cheque.