Condominium Act 1998, S.O. 1998, c. 19
A Performance Audit is a review of the common elements of newly constructed Condominiums and, as of 2018, Condominium conversions.
The Performance Audit consists of a detailed report outlining the inspection, findings and a detailed listing of construction deficiencies.
Performance Audits are a mandatory review legislated under the Ontario Condominium Act 1998.
A First Year Performance Audit must be conducted within one year after the development is registered. Audits can be conducted before the end of the second and seventh years as well but are not mandatory.
The Act mandates who may complete the Audit, the most common being a person who holds a Certificate of Authorization within the meaning of the Professional Engineers Act
The report will be provided to the Board, the property management company and a copy will uploaded to Tarion to initiate the warranty process
In addition to providing Tarion with a copy of the report, a Performance Audit Tracking Summary containing all the deficiencies is uploaded to Tarion in order for the Warranty items to be monitored within the Tarion online tracking system.
Similar to the warranty on your condominium unit, the builder has a specified time to repair the common element items under warranty.
Performance Audits are usually performed at the same as the Reserve Fund Study. This is the ideal process as the Engineer can make notes about the site and building while walking and reviewing the Condo during the Performance Audit.
Request for Proposal