It maybe worth your while to do so yearly…I recommend before your AGM.
Recently, I had requested my condo docs for our investment property .As I was going through the documents , I came across the Reserve Fund Study that was dated May-2015 . I know from Selling Condos in Alberta for the last 20+ years that according to the CPA – 2000 the Reserve Fund Study (RFS) had to be updated every 5 years according to the Condo Property Act (CPA) . So immediately I got the Property Management company on the phone & asked them why the RSF was 5 years overdue & if they have a new one so I could review it ..The Property Management company are just new to this building told me that,yes there was a new RFS completed but it was still up for approval by the board & was not to be released to the owners until it’s approval.I was very concerned as I looked in the financials & also found out that the building had not funded the RFS for the full 2024 year , which is another red flag .So I made a request that I get a copy of the draft report . The PM said that the board was meeting that same night & would contact me the next day to update me on the outcome of the Board meeting . Luckily the PM contacted me the next day & sent me a copy .
This was totally offside by the board members who did not order a RFS before the due date & secondly not fund the Reserve Fund to keep up with capital expenses down the road .It should be reported to RECA who are the governing body for Condo Boards & Property Managers
So look at your Docs yearly or before you Buy or Sell a condo , It is just like owning Stock , you want to keep track of your investment .
If you have any questions or concerns about condos please feel free to contact me .