Ontario property managers are raising the alarm about the province’s growing condo market, saying there’s not enough of them to handle an expected influx of units.
According to data from the province and the industry’s separate regulatory body, The Condominium Management Regulatory Authority of Ontario (CMRAO), there are currently some 2,500 licensed managers in the province overseeing around 950,000 units across Ontario.
That’s a figure some in the industry say is leaving managers spread thin and will only be exacerbated by the glut of managers getting ready to retire. Add to that the growing number of units expected to be ready for occupancy in the coming years, and some worry the the lack of managers will mean issues across the board, be it for residents or building owners.
Research by the real estate consulting firm Urbanation suggesting a record number of 25,000 new condo units will be ready in Ontario