• Watch the video of the Board President acknowledging the serious mistakes in the Audited Financial report : Watch video

 

• FACTS ABOUT MISINFORMATION ALERT:  Please click here for more information.

 

• Link to CBC news article on how the Condominium board was hijacked in another Toronto Condominium, due to lack of owner participation: CBC news article.

• Link to Owner requisitioned meeting on the CONDOMINIUM AUTHORITY OF ONTARIO WEBSITE.

 

• It is a well known fact that the Condos that have low monthly maintenance have a higher market value.  Prices of condos are not impacted by statement of facts stated on a website, instead they are driven by the bottom line.  If the costs are brought under control, and building is well maintained, then the owners will benefit from a higher valuation of their investments.

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• How much money is involved ?

• All these funds belong to the Owners of ICE condominiums.  Did you know that ICE condominiums is the largest condominium corporation in Toronto* by the number of condominiums, so the expenses per unit should be the lowest. This is not the case at present. Please join the owner's committee, to find out why ? The amount is $2 million dollars extra per year. That is more than $5000 per day. As per the comparison posted below, relative to other similar sized condos in downtown Toronto, ICE Condominium is spending about 

 

• Why do the owners need to change the board members of the ICE Condos ?

• The current board members have not shown any initiative to the owners on reducing the costs of the condominium maintenance. A detailed financial comparison with similar sized condominiums nearby is posted below, yet the board has not taken any action to bring about transparency in the overall management of the Condominium funds including the voting process, proxy handling and improving efficiencies. The condominium act does not restrict Condominiums from creating by-laws and rules that are more transparent and democratic than the Act itself.

 

• What is the risk to owners with the Board of Directors, who rarely communicate with the owners ?

• The owners stand the risk of losing millions of dollars of the Condominium reserve fund due to poor management, lack of owner participation and steeply rising expenses due to the lack of transparency, while the conditions of elevators, heating, air-conditioning and plumbing systems continue to worsen along with rising cost of maintenance. This could lead to a situation of heavy assessment that will eventually have to be paid for by the owners. The time to act is now, as it has already become an emergency situation.

 

• What is an owner requisitioned meeting? 

• An owner requisitioned meeting is a legally valid meeting of owners to enable them to meet and vote on all aspects of their condominium, including removal and re-election of the Board members and making changes to the rules and by-laws. Complete information is available on the Government of Ontario website located on this page.

 

• How did the committee obtain my contact information ? 

• The committee of owners receives contact information of owners from multiple sources, some of which are: Owners voluntary information, list of owners and mortgagees provided as per the Condominium regulations form submission on the 'contact us' page of this website.

 

• Who is ICEowners.ca ?

• ICE owners is a committee of the owners in ICE condos Toronto TSCC #2510. The owners of this committee represent ownership of hundreds of condominiums and their goal is to work toward the welfare of all ICE condominiums located at 12 and 14 York street, Toronto, ON.

 

• How can I join the committee of ICE owners ?

• If you are an owner in ICE condominiums and are interested in becoming a part of this committee along  with 100's of other owners in ICE Condos, please email your ownership information to iceowners@iceowners.ca and we will send you the information to join the committee of owners of ICE condominiums.

Have more questions ?
Please email iceowners@iceowners.ca with your questions, and one of the committee members will respond with an answer.

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