Starting in 2023, condominiums will have to comply with Bill 16 and have a contingency fund study done for their building every 5 years.
The objective of this study is to allow the creation of a financing plan so that the syndicate has the necessary funds in the short, medium, and long term to cover the maintenance, repairs, and replacement costs of the common components of the building.
The bill requires that the fund must be liquid in part and be immediately available if an emergency arises. The capital must also be guaranteed.
This study must be carried out by a professional who is a member of a professional order recognized by the Quebec government.
The contingency fund study must be carried out every 5 years, and will, therefore, be an-ongoing process.
Here are the main requirements of Bill 16 which concern co-ownerships: