Covid-Virus with coins representing cash flow management during a crisis

How do I find out the current delinquent status of unpaid rent or condo fees for my property? [VIDEO]

Even at the best of times, cash flow management is key to the success of any business and investment. During crises like COVID-19, it’s even more important to establish good cash flow practices. From Magnum York’s analysis, in the first two tough months of the pandemic crisis, we’ve experienced a less-than-expected slight increase in defaults for tenant rent and condo fee collections. Investors and condo boards that have put aside our recommended three-months operating cash savings should be able to […]

BFL Canada and Magnum York Insurance Seminar

Why are Alberta Condominium Corporation Insurance Premiums Increasing?

In early March, we invited our condo boards in Calgary to come out and hear the latest on insurance renewals. The insurance industry worldwide has been reacting to a perfect storm of too much risk and too many claims; it’s made them unprofitable in their property insurance business. Thanks to our friends at BFL Canada for their research and partnership. For every $1 collected in premiums, insurance companies paid $1.67 in claims. Based on our partner BFL Canada’s data from […]

Magnum York Alberta Judge Bans AirBnB VRBO Condominiums

Alberta Courts Rule Against AirBnB & VRBO Short-Term Rentals in Condominiums

On February 27, 2020, the Alberta courts made a decision that prevents condominium owners from using their units as short-term rentals for websites like AirBnB & VRBO. Owners who use those services to get short-term “renters” are considered the same as running a hotel. Condominium’s that have bylaws that prohibit a unit’s use for commercial use are able to ensure owners cannot have short-term renters in their property in exchange for consideration. Interested in reading the judgement? Click here. This […]

Auburn Rise Phase 3 Building Construction Logel Homes Magnum York Property Management

How does a Condominium Builder Transition Their Properties to the Condo Owners & Board?

Property Managers are vital partners for condo building developers. A property manager’s key role is to ensure a smooth transition of ownership to condo owners from the developers as they take possession of their individual units and form their first condo board. This morphs into working together with the board on an ongoing basis to continue to maintain its brand new building and ensure proper corporate governance. Auburn Rise Phase #3 Opening in Calgary Congrats to our partner Logel Homes […]

Condominium Protect Act Bill 9 CPA Jan 1 2020 changes impact all Alberta Condo owner and board directors Magnum York

How do Jan 1, 2020 Condo Act Changes in Alberta impact owners and condo boards?

Alberta Condo Property Act Changes from 2019 to 2020 are outlined in this post. First, we will provide an overview. Alberta Condo Act changes include: Insurance deductible assessment changes. Insurance premium increases and what condominium corporations and owners can do in response An exemption for changing corporation bylaws so they do not conflict with updated condominium legislation, effective January 1, 2020. A requirement for notice before rules come into effect; enforcement of rules and bylaws; and notices regarding non-compliance and […]

Top 5 resources to utilize in Red Deer-4848

Top 5 resources to utilize in Red Deer

Should you be planning a move to Red Deer, already live there, or are simply stopping by for a visit, it’s always nice to know what resources the city provides. Whether it be entertainment, essential service, or something in between we all like to know what we’re getting ourselves into. In smaller cities like Red Deer, city services tend to be a touch more varied and personal than in larger cities. What also takes place is that many people are […]

We are in Calgary, Edmonton, Red Deer and Olds-4407

We are in Calgary, Edmonton, Red Deer and Olds

Magnum York is committed to our clients all across Alberta. We love working here, and even occasionally making it out to the mountains. I wanted to take the time to write a quick update on each of our locations as well as some other pieces of information. We hope you can utilize our website to give your condo board the boost it needs. As always you can request a quote from as at anytime. As a tenant we have some […]

Resident Retention and Your Bottom Line-4086

Resident Retention and Your Bottom Line

There’s something we must admit: renting a condo unit is much different than actually Retaining the residents. It can be one of the most challenging aspects of rental property management. Why should you struggle to attract and retain high-quality tenants for a long time? Leaving aside all the time and effort you must spend to fill vacancies, securing a longer lease is more cost effective than finding new tenants every few months. Since finding and keeping good renters for an […]