North Hill Terrace
North Hill Terrace's documents tell a clear story: a major parkade project is being paid through a levied $8,500/unit special assessment, reserves sit at just 61% of the recommended level, and a $1.15M envelope remediation is on the horizon with no funding plan. Add active litigation and a spiked insurance deductible, and a buyer should price in roughly $17,940 of known or likely near-term exposure per unit.
How the exposure adds up: $4,250 remaining special-assessment installments per unit + ~$13,690 pro-rata share of the unfunded envelope project
Risk over time
| Review | Reserve funded | Exposure | Deductible |
|---|---|---|---|
| Sep 2024 | 63% | — | $25,000 |
| Oct 2026 | 61% | $17,940 | $100,000 |
- Reserve fund balance: $660,000 → $745,000 (+13%)
- Monthly contributions: $175/mo → $196/mo (+12%)
- Insurance deductible: $25,000 → $100,000 per occurrence
- Special assessment update: parkade membrane replacement: was discussed ($700,000 total) → now levied ($8,500/unit).
- New litigation mention: window water-ingress claim (units 304, 305 and 406) — in mediation.
Red flags, in order of severity
Each flag quotes the document it came from, with the page number.
$8,500/unit special assessment levied for parkade membrane
Owners voted 71% in favour of a $714,000 special assessment to replace the parkade membrane. It is payable in four quarterly installments of $2,125 starting July 1, 2026. The unit information statement shows $4,250 still owing on a typical unit, and these installments run with the unit on sale — a buyer inherits the remaining payments.
“BE IT RESOLVED that a special assessment of $8,500 per unit ($714,000 in total) be levied, payable in four quarterly installments of $2,125 commencing July 1, 2026.”
Reserve fund at 61% of recommended level
The reserve fund holds $745,000 against a study-recommended $1,221,000 — about 61% funded. The study itself rates 70%+ as 'good', so this building sits below that bar. Underfunded reserves are the single best predictor of future special assessments, and the board is already raising contributions 12% per year through 2029 to catch up.
“The reserve fund balance at year-end was $745,000 against a study-recommended balance of $1,221,000 — approximately 61% funded.”
$1.15M envelope remediation identified but not funded
An August 2026 engineering assessment found deteriorated sealant and cladding failures on the east elevation and recommends full remediation within three years at a preliminary cost of $1,150,000. The reserve fund plan explicitly lists this project as 'NOT YET FUNDED'. With reserves already at 61%, this is a strong candidate for the next special assessment — roughly $13,700 per unit if levied the same way.
“The preliminary opinion of probable cost is $1,150,000, which is not currently funded in the reserve fund plan.”
Window water-ingress claim in mediation (3 units)
The corporation is in mediation over a window water-ingress claim affecting units 304, 305 and 406, with the next session set for October 28, 2026. Counsel says no provision is required yet, but active construction-defect disputes can drag on and sometimes end in settlements funded by owners. Worth a direct question to the seller's lawyer about exposure.
“The window water-ingress claim affecting units 304, 305 and 406 remains in mediation; the next session is scheduled for October 28, 2026.”
Insurance deductible raised to $100,000 after hail claim
Following a $380,000 hail claim in June 2024, the corporation's per-occurrence deductible jumped to $100,000 and the annual premium rose 18% to $96,400. If another major claim hits, owners can be assessed for the deductible. The information statement advises buyers to carry a unit owner's policy covering this deductible exposure.
“The deductible has increased to $100,000 per occurrence following the June 2024 hail claim ($380,000 paid).”
Proposed rental cap: 15% (22% of units currently rented)
The board will ask owners at the 2027 AGM to cap rentals at 15% of units, while 22% are rented today. If you are buying as an investor — or might rent the unit out later — this directly affects you. Existing rentals are often grandfathered, but the documents do not say so; confirm with the corporation.
“The Board reviewed a draft amendment that would cap rentals at 15% of units (22% of units are currently rented).”
Repeat noise complaints about unit 1204
Unit 1204 has drawn a fourth noise complaint in six months (late-night music) and received a final warning letter, with fines to follow on recurrence. One problem unit does not define a building, but if you are considering a nearby unit it is worth knowing how the board enforces its bylaws.
“Unit 1204: fourth noise complaint in six months (late-night music). The Board authorized a final warning letter; fines under section 12.4 of the bylaws will apply to any recurrence.”
Questions to ask before conditions come off
- Can the seller credit or clear the $4,250 in remaining special-assessment installments at closing?
- What is the board's funding plan for the $1.15M envelope remediation, and when will owners vote on it?
- What is the status of the window water-ingress mediation, and could a settlement result in owner assessments?
- If I might rent the unit in future, would the proposed 15% rental cap grandfather existing owners?
- Does my unit owner's insurance policy cover the $100,000 corporation deductible exposure?
Verification audit trail
13 of 13 claims verified against the documents.
| Claim | Source | Result |
|---|---|---|
| $8,500/unit special assessment levied for parkade membrane | demo-02-agm-minutes-2026-04-22.pdf, p.1 | ✓ Verified — Exact page |
| $8,500/unit special assessment levied for parkade membrane | demo-04-information-statement-unit-506.pdf, p.1 | ✓ Verified — Exact page |
| Reserve fund at 61% of recommended level | demo-02-agm-minutes-2026-04-22.pdf, p.1 | ✓ Verified — Exact page |
| Reserve fund at 61% of recommended level | demo-03-reserve-fund-plan-summary-2026.pdf, p.1 | ✓ Verified — Exact page |
| $1.15M envelope remediation identified but not funded | demo-01-board-minutes-2026-09-09.pdf, p.1 | ✓ Verified — Exact page |
| $1.15M envelope remediation identified but not funded | demo-03-reserve-fund-plan-summary-2026.pdf, p.1 | ✓ Verified — Exact page |
| Window water-ingress claim in mediation (3 units) | demo-01-board-minutes-2026-09-09.pdf, p.1 | ✓ Verified — Exact page |
| Insurance deductible raised to $100,000 after hail claim | demo-01-board-minutes-2026-09-09.pdf, p.1 | ✓ Verified — Exact page |
| Proposed rental cap: 15% (22% of units currently rented) | demo-01-board-minutes-2026-09-09.pdf, p.2 | ✓ Verified — Exact page |
| Repeat noise complaints about unit 1204 | demo-01-board-minutes-2026-09-09.pdf, p.2 | ✓ Verified — Exact page |
| Special assessment — parkade membrane replacement | demo-02-agm-minutes-2026-04-22.pdf, p.1 | ✓ Verified — Exact page |
| Litigation — window water-ingress claim | demo-01-board-minutes-2026-09-09.pdf, p.1 | ✓ Verified — Exact page |
| Rental rules | demo-01-board-minutes-2026-09-09.pdf, p.2 | ✓ Verified — Exact page |