Built 1987 · 124 units · 18 floors
Apt 804 — 1250 Rue Guy, Montréal QC H3H 2L5
Condo declaration · Financial statements 2023-24 · Reserve fund study · Meeting minutes 2022-24 · Budget 2024 · Insurance certificate
This building has significant issues that require your attention before finalizing the purchase.
The 2023-24 financial statements reveal a $42,000 operating deficit and a $3,200/unit special assessment levied in November 2023 for emergency HVAC repairs. The 2024 budget projects an 8.5% fee increase, above inflation. This points to growing financial pressure on the corporation — buyers should verify whether additional special assessments are being considered.
The reserve fund study (p. 12) shows a current balance of $287,400 against a recommended $757,000 — only 38% of the required level. This major deficit exposes owners to potentially significant special assessments for any major repair: roof, elevators, parking structure. This point merits verification with a certified appraiser or notary.
The 2023 building inspection found no major structural issues, and the roof was fully replaced in 2021 for $620,000. Meeting minutes show regular preventive maintenance of mechanical and electrical systems. This is the strongest aspect of the file — the building is in good physical condition.
The same management company has been in place for 8 years, reflecting strong continuity. AGM minutes (2022-2024) show meetings held regularly with quorum achieved. No bylaw changes have been adopted in 24 months. However, an active lawsuit against a contractor is a governance flag worth monitoring.
The 2024 insurance certificate shows $18.5M coverage with Intact Insurance, appropriate for a building of this size. However, the $25,000 deductible is significantly above the industry norm of $5,000–$10,000, meaning any minor claim will be fully absorbed by the corporation's funds. Buyers should factor this risk into their assessment.
The documents indicate a current balance of $287,400 against a recommended $757,000 — only 38% of the required level.
The documents indicate a $3,200/unit special assessment levied in 2023 for emergency HVAC repairs.
The documents disclose an active lawsuit against a contractor for $85,000 (construction defects, filed 2022).
Deductible is $25,000 (industry norm: $5,000–$10,000).
Max 15% of units can be rented (currently at 12%).
Insurer
Intact Insurance
Policy Number
INC-2024-88741
Coverage Amount
$18,500,000
Deductible
$25,000
Expiry Date
April 1, 2025
Key Exclusions
Based on building age and available studies
| Scenario | Timeline | Estimated Cost | Your Share (1/124) |
|---|---|---|---|
| Roof replacement | 5–7 years | $620,000 | $5,000 |
| Elevator modernization | 8–10 years | $380,000 | $3,065 |
| Parking garage repairs | 3–5 years | $180,000 | $1,452 |
| Reserve fund catch-up | Ongoing | — | +$85/mo est. |
Items to raise with a qualified professional before finalizing your offer
This report identifies findings that merit review by a qualified professional. A notary or real estate lawyer specializing in condominiums can help you assess the implications of these findings before finalizing your offer.
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This report is a fictional example for illustrative purposes only. All data, addresses, names, and amounts are entirely fictional. IMPORTANT NOTICE: This report is produced by artificial intelligence for strictly informational purposes only. It does not constitute legal, notarial, financial, or real estate advice of any kind. CondoTactic Inc. is not a law firm and does not practice law. The information presented does not replace consultation with a notary, lawyer, certified appraiser, or qualified building inspector. CondoTactic Inc. disclaims all liability for decisions made based on this report.