Banking solutions for condo associations

Enjoy comprehensive cash management and financing solutions tailored to your situation.

Make an appointment
Call us at 1-844-394-4494, Monday to Friday, 8 a.m. to 8 p.m. (ET).
Photo of a family stoked their condo association is benefiting from National Bank’s financial solutions
Photo of a family stoked their condo association is benefiting from National Bank’s financial solutions

3 services to ensure your condo building runs smoothly

Condo living brings its own set of challenges. In addition to promoting basic rules of respect, solid management of the condo association's finances helps ensure that co-owners can live in harmony. As a condo owner, you need cash management and financing solutions tailored to your needs. That's why we’ve designed a banking package built for condo associations.

Bank accounts

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

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.

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 solutions.2

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

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.

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.

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 co-owner pays a portion of the amount based on the percentage 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.

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:

  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.

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.

How can we help you?

Online banking for business

Your online Business account gives you an overview of your statements and transactions, so you can efficiently manage payments from customers and suppliers.

Contact

Call us at 1-844-394-4494, Monday to Friday, 8 a.m. to 6 p.m. (ET).

Have any questions?

Browse our Help centre for quick answers to your questions.

The little details that matter

  1. Additional fees may apply for financial institutions outside Canada.

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