Purchasing a home can be one of the largest investments in your life. There are many things to consider before you choose the perfect place to call yours, and one of those things is whether the community has an Owners Association (OA). While many are familiar with the term, it is important to understand how Owners Associations function and their purpose.
What is an Owners Association?
The OA services the community through enhanced maintenance and beautification, community programing and events, community communications, and management of community amenities and/or features. The OA is a non-profit organization under the Canada Not-for-Profit Corporations Act and is funded through pre-established owner fees.
Each titled property within the community has an Annual Rent Charge Encumbrance registered on its title, which ensures that all lots in the community, whether single family or multi-family, commercial or retail, pay the annual Association membership fee.
Why an Owners Association?
OAs are established to preserve the long-term value of the community by:
1) Maintaining community features and physical elements which contribute to the long-term appeal and desirability of the community. This goes above and beyond what the municipality will provide, including:
- entrance signage maintenance
- parks and ponds maintenance
- boulevard landscaping
- community beautification, and possibly
- community amenities
2) Enhancing the overall community experience and community connection by building community pride and unity amongst residents. Active involvement in the OA is an excellent way to meet fellow owners, and an opportunity to help shape the community’s future through planning and input. OAs build community through:
- enhanced communication, and
- community-based programs
How does an Owners Association work?
The OA is managed and financially supported by the Developer until the community is fully built out and turned over to the community. Residents can join the Board of Directors prior to the turnover. Upon turnover, the Board of Directors will be formed completely by residents, which they may then run according to the Act and the Bylaws.
OAs also provide financial and administrative services, including issuing annual fee notices and collecting fees from its members. The collected fees are necessary to fund the ongoing operation of the OA’s enhanced maintenance and snow removal, events, and the other activities deemed necessary by the OA to ensure its long-term sustainability.
Annual OA fees are regularly reviewed by the OA Board of Directors and adjusted to meet the cost requirements of service and maintenance.
How do you know if your community has an Owners Association?
When you purchase your new home, the OA will be registered on the title. Your legal representative should bring this to your attention and your sales team is there to assist you with any questions or information about your OA throughout the sales process.
To learn more about the Owners Association in our communities, please visit the links below:
Ambleton - https://ambletonoa.com/
Crestmont - https://www.crestmonthall.com/
Dawson’s Landing - https://dawsonslandingoa.com/
Harmony - https://harmonyowners.com/
Redstone - https://redstonehoa.ca/