Collaborating with experts to meet your condominium management needs
Genispec has established a strategic partnership with HPDG, a property management company that also offers appraisals, known for its commitment to rigor and integrity in property evaluation and management. This alliance aims to enhance the capabilities of both companies in the field of real estate assessment and asset management. The primary complementary services exchanged between the companies include those related to Bill 141, offered by HPDG, and services under Law 16, offered by Genispec. These two laws work hand in hand, ultimately benefiting all property owners. HPDG and Genispec strive to create sustainable and innovative solutions while maintaining the competitiveness of their clients’ properties in the market.
What Is Bill 141?
Bill 141, enacted by the National Assembly of Quebec in 2018, introduces significant changes in condominium insurance. Key modifications include the establishment of a short-term liquid condo insurance fund, separate from the reserve fund study, becoming mandatory from April 15, 2022. The law also mandates the creation of detailed descriptions of reference units to prevent unjustified inclusions in the reconstruction cost. Condominium associations must subscribe to condo insurance covering the entire building, and a professional assessment of the reconstruction cost must be conducted every five years. Condominium owners are now required to obtain third-party liability insurance, marking a set of changes aimed at enhancing transparency and protecting condominium properties.
What Is Bill 16?
Bill 16, encompassing various legislative provisions concerning housing, was introduced to the National Assembly by the Minister of Municipal Affairs and Housing on April 3, 2019, and was adopted on December 5. Since then, some provisions have come into effect on January 10, 2020, including the obligation for condominium associations to conduct a reserve fund study every five years and maintain a building maintenance handbook. The objective of Bill 16 is to ensure that the fund is sufficient to cover major repairs and the replacement of common elements. Additionally, the bill stipulates that the annual contribution of condominium owners to the reserve fund should be based on this study.
About HPDG
HPDG‘s real estate management division aims to create an environment conducive to creative innovation, ensure efficient management of financial and physical assets, and maintain the competitiveness of clients’ properties. In parallel, the real estate assessment division is committed to thoroughly analyzing the physical, financial, and environmental aspects of real estate, contributing to formulating informed, reliable, and impartial opinions on their value. In the context of the partnership between HPDG and Genispec, HPDG handles all services required by Bill 141, including the insurable value based on the assessment of the reconstruction cost (replacement value) or the replacement cost of the insured property.
About Genispec
Genispec is a building engineering firm that brings together building engineers who are members of the OIQ, working in the fields of building engineering consulting, building inspection, structural evaluation, and project design and management. The services provided by Genispec are essential to ensuring the longevity of your building. According to Bill 16 and 122, a reserve fund study and a façade inspection are now mandatory in Quebec. Under Bill 16, a reserve fund study must be conducted to assess the funds needed for future repair work on buildings of 5 stories or more. Under Bill 122, a comprehensive inspection of building facades, parking lots, and condominiums must be performed to ensure building safety. Genispec is the top engineering firm in Montreal for conducting these mandatory services.
In conclusion, the partnership between HPDG and Genispec, combined with a thorough understanding of Bills 141 and 16, demonstrates this property management company and building engineering firm’s commitment to excellence, transparency, and customer satisfaction in the field of real estate assessment and management. This collaboration promises to elevate industry standards, offering innovative and sustainable solutions for property owners and real estate stakeholders.