We now have more information about the proposed fees for condominium managers under the Condominium Management Services Act (CMSA). The fees are intended to fund the Condominium Management Regulatory Authority of Ontario (CMRAO), which is the not-for-profit corporation that will be designated as the administrative authority for the CMSA on November 1, 2017.
The proposed fees are:
|Transitional General License||$607.00|
|Condominium Management Firm License||$799.00 plus $350.00 for every licensed manager employed by the firm.|
You have until August 10, 2017, to provide feedback. Visit the CMRAO’s website to take the survey and provide your feedback: http://www.cmrao.ca/
The proposed fees seemed high to me when you factored in the fee charged to the management company for each licensed employee so I looked at a few other professions (i.e. accountants, doctors, engineers, and real estate brokers) to see how their annual fees compared. The range was $300 to $1100 with engineers and brokers closer to the low end and doctors and accountants at the high end. [For those interested, lawyers pay over $2,100.00 per year for our licenses plus a few thousand dollars (at least) for mandatory insurance].
On top of the annual fees, there will likely be extra fees for mandatory educational courses and exams required for managers to obtain and retain their licenses. I suspect that the fees will be similar to those paid by other professionals as well, but we will have to wait and see.