Lambs Court is a legal Ontario condominium corporation. Ownership in a unit makes you one of the 28 shareholders in the Corporation – and owner of 1/28 of the Corporation’s assets. Those assets include the land, paving, street lights, the utility infrastructure surrounding the buildings and the financial investments that have been accumulated over the years in preparation for future repairs.
Our Boards have been forward looking and progressive – as a result, Lambs Court has always enjoyed sound finances, and there are good financial reserves in place to maintain the community. Finances are audited annually by an independent auditor. Engineered reserve fund studies are conducted regularly, to ensure that the financial reserves are appropriate for future repair needs. The schedule has always met the Provincial requirements.
The Corporation is bound by Ontario laws that help ensure good financial management of Condominium corporations. When the Province made changes a few years ago to require condominium corporations be more prudent with their finances, the Lambs Court corporation didn’t have to do anything – the finances were already healthy.
With regard to monthly condominium fees, the Lambs Court fees are reasonable, even low, compared to the fees paid at many other similarly constructed condominiums. The Directors – who are other home owners – are unpaid. All of the monthly fees go directly into looking after the property.
Here’s a quick overview of key recent expenditures at Lambs Court – major programs that have already been undertaken in recent years.
A Few Recent Updates
| 2018-2019 | Replacement of all roofs |
| 2014 | Complete gutters & downspout replacement |
| 2014 | LeafGuard protection system, reducing leaf cleaning costs |
| 2013 | Exterior painting & driveway sealing |
| 2011-2012 | Replacement of all windows and sliding doors. |