March 22, 2023

(EP: 178) Flash Briefing: What is a Condo Special Assessment

What is a Special Assessment?

Hi, Bo Kauffmann of REMAX in Winnipeg here to explain this term.

A special assessment relates to the condominium reserve fund.

When a condominium requires repairs, maintenance or upgrades and there is not enough money in the reserve fund, additional money has to be raised from all condo-owners.

The act of raising this additional money is called a ‘Special Assessment’.

If it is a relatively small sum of money, for example a few hundred dollars, this special assessment is usually collected as a one-time payment.

However larger sums may require an ongoing monthly installment plan, which is added to the owners monthly Condo Fees.


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