- September 1, 2021
- Posted by: @dmin
- Category: Uncategorized
Toronto is a leading place for growth in Ontario, and for all of Canada in general. The latest census figures have revealed that the city has been experiencing significant expansion over the past several years.
- Toronto grew by 9.2% between the last two official censuses in 2006 and 2011, compared with 5.9% for Canada overall, and 5.7% for Ontario.
- Toronto was number one out of the thirty-three census metropolitan areas in the country for growth.
As more people migrate to Toronto, housing will become more and more important, and condo property management companies in Toronto will become valuable resources in expanding communities. Here, we outline what this will mean for the future of property management in this area, and our predictions.
1) There will be more opportunities for skilled property managers.
Condos are among the best possible solutions for dealing with population growth and where to put newcomers. They are efficient, have many luxury options available, and can expand quickly with new buildings going up all the time.
- Toronto is a clear leader for condo construction in North America, with 116 condo projects under construction since January of 2014. This tops New York, which had 91 during the same timeframe.
These emerging communities will need new property management solutions from skilled individuals. It is therefore important for condo property management companies in Toronto to attract and retain good talent now, in preparation for the coming increases.
At ICC®, we are always hiring good property managers with proven experience in the field. If you are interested in joining our expanding team and want to absolutely love your job, we encourage you to contact us and learn more about the opportunities we have available.
2) Property managers will need to be multicultural.
Canada attracts a large number of immigrants every year; about 260,000 move here to stay, and 30% of them end up settling in the Great Toronto Area. Toronto itself is home to individuals who speak more than 100 different languages, and has many different ethnic areas.
This diversity will only continue to grow as time goes on. Condo property management in Toronto will need to adapt to the changing needs of a diverse population. The property management company of tomorrow must be prepared, from having multilingual property managers to training staff to be sensitive to specific ethnic, cultural, and religious needs and requirements.
3) New technologies will help prepared property management companies thrive.
In some ways, property management is similar to many other types of industries – businesses that know how to adapt to change will thrive, while others will be left behind. This is particularly true when it comes to technology.
It is an exciting time to enjoy technology – constant innovations arise in a variety of fields, from the development of comprehensive software, to the creation of different devices that improve the ease and convenience with which we perform everyday tasks.
Condo property management in Toronto is no exception – industry professionals are rolling out apps that can make everything easier, from managing invoices, to spotting collections issues, as well as keeping track of vendor and supplier relations.
New devices also make it easier than ever to remain in touch with residents and owners, and to ensure proper communication between everyone involved in a particular condo community. Many people make great use of smartphone technology, as well as tablets and cloud-based computing. All of these innovations can make it possible to notify residents of building-wide issues in real-time, coordinate the distribution of vital information, and make relevant condo documents and files readily available whenever needed.
Payment processing technology will also continue to evolve, making it easier than ever to collect maintenance fees, submit invoices, and process financial information.
4) Regulations will continue to evolve.
The legal and political climates of today have a distinct focus on the consumer – making sure that organizations and companies are behaving, and working in the best interests of customers. It is no different in condo property management in Toronto.
One proposal that emerged in 2013 was that Ontario implement a licensing program governing property managers in the province. This would require that property managers meet basic criteria before entering the profession, and would require ongoing training and development to maintain that licensing.
The Association of Condominium Managers of Ontario (ACMO) is one of the organizations supporting this licensing requirement, and since ICC® owner Steven Christodoulou served as President of ACMO’s Board of Directors, fully agrees and endorses the proposed changes. In fact, Steven maintains that all of his property managers have their RCM designation or are working towards it.
An RCM (Registered Condominium Manager) is someone who is dedicated to the field of property management, and who has participated in various educational requirements to maintain RCM standing with ACMO. All of ICC® ’s property managers participate in this program, reflecting dedication to the values that the RCM embodies, including trust, quality, a high standard of care, and deep knowledge of property management best practices.
The RCM designation is only granted to certain individuals who meet certain criteria, depending on level of experience. These criteria may include:
1) Completion of Four Condominium Management and Administration courses at an ACMO-approved program;
2) Taking a comprehensive RCM exam and achieving a minimum score of 75%;
3) Gaining at least two years’ experience in condo property management.
If you are interested in learning more about the way property management in Toronto should be, we invite you to contact ICC® directly. We are a modern property management company with strong dedication to our industry.
Whether you are interested in pursuing a fulfilling career as a condo property manager, or you are a condo community member looking for new management solutions, we are happy to communicate with you and provide you with the benefit of our many years of experience in this industry.