Budget Newsletter 2025
Dear Place Royale Owners:
We hope this letter finds you well. As you know, from 2014 to 2023 our condominium has been fortunate to maintain a zero percent increase in condominium fees. This decision was made to provide stability and predictability for all unit owners while ensuring the financial health of our reserve funds.
After a thorough review of our operating expenses, and reserve fund needs, Place Royale Board of Directors has determined that it is necessary to implement an increase of 5.60% in condominium fees for the fiscal year 2025. This decision reflects our commitment to maintaining the long-term sustainability and value of our property.
Our review looked at:
Rising Operating Costs
Over the past decade, inflation and increasing costs for essential services such as maintenance, utilities, and insurance have placed additional pressure on our operating budget.
Roof Repairs
Planned repairs to the roof are scheduled for early 2025. These repairs are a necessity and provide protection for suites particularly on the PH Level. The repairs will be conducted in two parts. Part one will ensure that all exposed areas are repaired, and the covered area of the roof will be done as needed.
Community Enhancements
Planned improvements to shared amenities and infrastructure require additional funding to maintain and enhance the quality of life for all residents.
Windows
In our AGM in 2019, Place Royale Board of Directors indicated that we hoped to replace the Windows by 2027. However, the cost of the windows is beyond our current reserve fund, as such a letter will be going our in 2025 to get feedback on different options of paying for the windows. Based on the feedback of the letter, an action plan will be developed.
Reserve Fund Study
A reserve fund study will be conducted in 2025 which will take into account the future needs of the Corporation. The reserve fund study will also determine the percentage increase in condo fees for at least the next three years.
If you are not enrolled in pre-authorized payment, we request that you register for the pre-authorized payment plan for timely remittance of common element fees. Unit Owners can also drop off 12 post-dated cheques dated the 1st day of each month of the year 2025 made payable to “P.C.C. 239”. Please mark your unit number clearly on the cheques.
Place Royale Board of Directors