2015: A Year In Review

As everyone at ICC^® celebrated the new year, we couldn’t help but recollect all of this year’s big achievements and growth of both our company and the industry.

Throughout the year, we’ve continued to add more serviced locations and more wonderful clients to our roster, all while actively working to create an open atmosphere of thoughtfulness within the industry.

Thanks to these amazing clients and their properties we continue to experience exceptional growth and stand out among property management companies in the GTA. We just wanted to take a look back at some of the key highlights of 2015.

According to The Toronto Star, vacancy rates in Toronto sit in the low 2% range. Due to this, we’ve seen incredible success filling rental units and creating desirable condominium communities that people want to buy into. This, and increases in condo and home costs, have been predicted to increase the desire for rental units. Which is why we launched our listings page; not only to help you fill your vacancies, but to provide renters with a one-stop list of condominiums they can be sure are managed with utmost care.

For the third year in a row we made the Profit 500 list of fastest-growing companies in Canada due to a continual increase in revenue growth and contributions to the community.

Our CEO, Steven Christodoulou, was recognized by the Association of Condominium Managers of Ontario (ACMO) as the Leader of the Year in October. Our entire team was impressed but not surprised by the award which recognized outstanding achievement and professionalism in the industry.

Steven currently serves as the Past President of ACMO, where ICC^® has twice been recognized as the ACMO corporate member of the year. With Licensing on the horizon, ACMO has been spearheading a campaign to unite the industry through a standardized code of ethics, roles, and responsibilities.

Shortly following this, our team, in collaboration with the Forest Hill Group, setup a 200 square foot condominium on the showroom floor of the 19th annual ACMO/CCI Condo Conference in November. The show was a lot of fun and guests thoroughly enjoyed walking through the exhibition, which lead to Evercondo to honour us as the #1 exhibitor of the conference.

To round off a great year, ICC^® Property Management has been shortlisted as nominees for the Top Choice Awards Nomination! (Vote here!) Voting is still open until February 1, 2016, fingers crossed!

Industry Trends

Our number of awards isn’t the only thing that has significantly improved this year. For the first time since 1998, the Condominium Legislation Act has been amended to clearly define the roles of property managers and owners, clearly outlining definitions for governance, repair, and the licensing of property managers.

Since 1.3 million Ontarians live in condominiums, clearly outlining responsibilities has become ever-more important. Aside from strict licensing and regulation for property managers, other areas addressed in Bill 106 that clearly needed updating include improved dispute resolution, stronger protection for owners and renters, more transparent condo finances, and governance accountability.

While the updated act has been enacted as law, the new regulations are not yet fully enforced. We at ICC^® agree wholeheartedly with the property manager licensing updates, and eagerly await a day when homeowners, condo boards, and tenants are all able to work better together because of industry standards in professionalism.

Last year was an exceptional year for real estate and condo sales. According to the Toronto Real Estate Board, the number of home sales went up 14.4% in 2015, while Canada placed globally for year-over-year price gains at an 8.3% increase, and the average condo price soared by 5.4%.

Condo owners paying more deserve excellent service and a well-maintained building. The only way to ensure both of these things is to hire a property management company with the experience and professionalism under their belt to keep these residents happy.

While 2015 was a great year for us, we’re still not satisfied. In 2016, we will continue to be the best property management company in the GTA, improve on our service offering and continue increasing our value to our clients.
If you’ve been questioning what the new Condo Legislation Act will solve, or are looking for more information on property management companies, check out our eBook, “Top 6 Issues in Condo Property Management Today Revealed.”