Performance Audits

The Condominium Act, 1998, requires that the first board of directors of a new residential condominium, even if it is controlled by the developer, commission a performance audit to determine whether there are any deficiencies in the construction of the common elements in time to submit a claim to Tarion Warranty Corporation (formerly known as the Ontario New Home Warranty Program).

Our Report

First Condo's Performance Audit complies with the requirements of both the Condominium Act, 1998 (5c), and the Ontario New Home Warranties Plan Act.

In the first stage of the Performance Audit process we will conduct inspections, investigations and analyses in order to determine if any deficiencies exist with respect to code violations, material defects and workmanship. As part of the investigation, condominium unit owners will be surveyed about any possible damage to their units due to any common element defects.

The Performance Audit Report will also contain recommendations for remediation of documented deficiencies in the common elements.

The second stage of the Performance Audit is carried out closer to the end of the first year to ensure that all deficiencies identified in the Performance Audit have been successfully corrected by the developer and the results are submitted to Tarion.

An optional service to our clients is the second year Performance Audit which is focused on the second year warranty items which are also identified by the Ontario New Home Warranties Plan Act.