Calgarypuck Forums - The Unofficial Calgary Flames Fan Community - View Single Post - Leaky Condo: $78K - $200K assessment (split from the Realtor 1 subforum)

killer_carlson · 06-29-2011, 08:32 AM

I;m a condo lawyer. I can't comment on this specific case, but what I can say generally is that over the last 6 months I have seen more large special assessments (cash calls) than in the last 3-4 years combined (or so it seems).

There are options outside of a special assessment though - borrowing is certainly an option, although the rates are not low. Also, I am aware that CMHC will step in for specific circumstances to assist in letting a person add the assessment to their mortgage, even if it puts the mortgage in excess of the current market value. (Very specific circumstances)

In these large, unexpected scenarios, borrowing would be an option for the owners to pursue. I'm surprised it wasn't discussed in the article.

06-29-2011, 08:32 AM	#50
killer_carlson Franchise Player Join Date: Oct 2001 Exp:	I;m a condo lawyer. I can't comment on this specific case, but what I can say generally is that over the last 6 months I have seen more large special assessments (cash calls) than in the last 3-4 years combined (or so it seems). There are options outside of a special assessment though - borrowing is certainly an option, although the rates are not low. Also, I am aware that CMHC will step in for specific circumstances to assist in letting a person add the assessment to their mortgage, even if it puts the mortgage in excess of the current market value. (Very specific circumstances) In these large, unexpected scenarios, borrowing would be an option for the owners to pursue. I'm surprised it wasn't discussed in the article. __________________ "OOOOOOHHHHHHH those Russians" - Boney M