In Alberta, special assessments for condos are typically used to pay for unexpected or large expenses that are not covered by the regular fees. These expenses may include things like major repairs or renovations to the building or common areas, such as the roof, elevators, or parking garage. Special assessments can also be used to fund capital projects, like the installation of new amenities or upgrades to existing ones.
The amount of a special assessment can vary widely and is determined by the condo board and unit owners. Some boards may choose to assess a flat fee to all unit owners, while others may assess a percentage of the unit owner’s share of the common areas. In some cases, the assessment may be based on the size or value of the unit.
It’s important to note that special assessments are different from regular fees and are not included in the regular monthly or annual condo fees. Special assessments are typically one-time payments, although in some cases, they may be spread out over a period of time.
It’s important for condo unit owners to be aware of the possibility of special assessments and budget accordingly. Special assessments can be a significant financial burden for unit owners, so it’s important to be aware of the bylaws and regulations governing special assessments in your specific condominium development. It’s also recommended to be part of the condominium board or stay in contact with the board members to be aware of any potential special assessments or any other important information regarding the association.
