A small condominium corporation in North Bay has decided not to conduct a reserve fund study in the past 10 years, arguing that their property is well-maintained and they have sufficient funds. According to the Condominium Act, 1998, what is the mandatory frequency for conducting a reserve fund study?

Question: A small condominium corporation in North Bay has decided not to conduct a reserve fund study in the past 10 years, arguing that their property is well-maintained and they have sufficient funds. According to the Condominium Act, 1998, what is the mandatory frequency for conducting a reserve fund study?

Answer options: ✅ At least every three years.

• Only when a special assessment is proposed.
• When the board deems it necessary, but at least every five years.
• There is no mandatory frequency if the corporation has sufficient funds.

Correct answer: At least every three years.

Explanation: The Condominium Act, 1998, explicitly requires condominium corporations to have a reserve fund study conducted by a qualified professional at least every three years to assess the long-term capital repair and replacement needs for common elements.