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Condo associations

Condo living brings its own set of challenges. In addition to promoting basic rules of respect, sound management of the condo association's finances helps ensure that co-owners can live in harmony. Our team of experts can make life easier by helping you manage your cashflow and financing.

4 services to ensure your condo building runs smoothly

As a condo owner, you need cash management and financing solutions tailored to your needs. That's why National Bank has designed a great banking package just for condo associations.

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Bank accounts

Manage your monthly condo fees efficiently and pay $0 for your day-to-day transactions with this exclusive offer.

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Electronic payments

We can collect condo fees automatically, no matter which bank your fellow co-owners use.

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Emergency fund

Grow your condo fund thanks to the competitive interest rate you get with our Business Investment Account. Make your reserve fund work for you so you can cover the cost of any work that needs to be done.

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Finance major work

Even the best-laid plans can be derailed by unexpected repairs and renovations, such as those required to meet safety standards or improve communal areas. Budget your expenses over the year with our made-to-measure financing solutions2.

Ready to take advantage of our offer?

Call us

Expert advice

Is it a good idea to clean out your savings to pay for major work? Ideally, you should have funds set aside to cover unplanned expenses or emergencies. Financing can be a great way to cover the cost of work in whole or in part. Speak to one of our advisors for advice tailored to your needs.

4 ways to finance repairs and renovations

Step 1

Saving together

How much do you pay into your reserve fund? Is it enough to cover any future work on the building?

Don't be caught off guard! Invest wisely and you'll have the funds you need to carry out any necessary work.

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Step 2

Split your project up into phases

Can the work be divided into several phases?

If so, this is a great way to budget and pay for the work as you go without breaking the bank or borrowing money.

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Step 3

Agree to a special assessment

If the condo fund comes up short, co-owners can agree to a special assessment to finance the work.

Each owner pays a portion of the amount based on the percent of the property they own. They can dip into their personal savings or opt for individual financing.

Even if everyone agrees on this solution, certain issues may arise. Some people may not have the funds readily available, which can make for a delicate situation and delay the start of work. 

 

Meet  with an advisor

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Step 4

Borrow money as a condo association

You can also finance the work by applying for a business loan as a condo association. This option has three major advantages:

Cette solution présente trois avantages de taille :

  1. The condo association has the funds needed to cover the work.
  2. Any work can be completed in a single phase, so the co-owners can all enjoy the improvements to the building at the same time.
  3. This type of financing allows condo owners to pay for the work in instalments, which makes it more affordable.
     

Apply for financing

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Tip

Do you already have a Business Investment Account? Find out how you can grow your condo fund by making an appointment with one of our Financial Planners

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1‑888‑394‑4494
From 8 a.m. to 6 p.m.

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Legal Notes

1 Additional fees may apply for financial institutions outside Canada.

2 Subject to credit approval by National Bank of Canada. Terms and conditions apply.