OUR ONTARIO EXPERIENCE
Ontario’s thriving condominium market is continually expanding with ongoing development across the Southern part of the province. This densely populated region is paired with a proactive and impressive real estate community. It is our objective to demonstrate the paramount value an insurance appraisal can provide to the industry and to deliver appraisals quickly and competitively.
MEETING ONTARIO’S NEEDS
In Ontario, the Condominium Act states that the corporation shall obtain and maintain insurance on behalf of the owners for damage caused by major peril, and the insurance shall cover the total replacement cost. It is the fiduciary duty of a condo board to have an accurate replacement cost value so that the corporation and the individual owners can protect their financial autonomy. When a corporation is under insured, they may find themselves liable for the shortcomings in coverage. You can read more about this in our publications, The Importance of Insuring a Condominium to its Full Replacement Cost.
Determining the total replacement cost is no simple equation. Normac takes a specialized approached to each property and consider geographic location, property specifications, and the ever-changing industry. Additionally, our people are what make our replacement cost valuations the most reliable in the country. With our finger to the pulse of the industry and pursuing ongoing education, our team of expert appraisers are the best equipped to appraise properties across the GTA and beyond.
OUR ONTARIO COMMITMENT
Normac is trusted by insurance brokers, property management companies, developers, and commercial businesses to protect their clients and assets. We carefully develop our programs and reports to meet the needs of the property owners and their team of professionals. It is thanks to our agility that we are able to offer exceptional service in all of our markets and continue to deliver the reliable valuations that Normac clients have come to know and expect.
We are proud members of the Association of Condominium Managers of Ontario (ACMO), CCI Toronto, CCI Golden Horseshoe, CCI Grand River, and CCI Eastern Ontario. We can also be seen exhibiting at the annual Condo Conference in Toronto.