Category Overview
Risk Score (lower = lower risk)
Insurance vs Operating Expenses
Reserve Fund
$825,205
78.0% funded
Monthly Fee
$315
+3.9% YoY
Arrears
$40,538
RFS Recommended
$1,057,656
Actual balance $825,205 vs RFS target $1,057,656
The reserve fund appears underfunded by $232,451, but this is largely explained by early completion of major projects (Roof Replacement) totaling ~$300,000. These projects were completed ahead of the RFS schedule, which reduces future capital obligations. This is a positive indicator for the corporation.
After accounting for early completion of Roof Replacement (~$300,000 in future obligations removed), the adjusted funded ratio is 108.9%.
The reserve fund is close to its target — a healthy position.
“% funded” compares today’s balance to the amount the Reserve Fund Study says should be on hand. It does not mean the fund covers all future expenses.
Insurance Deductibles
| Component | Condition | Replace By | Est. Cost | Notes |
|---|---|---|---|---|
Roof Systems (Shingles) | Recently replaced | Done 2025 | $850,000 | Major roof replacement completed in 2025 |
Parkade / Underground Structure | Fair — monitoring required | 2035 | $420,000 | Below-grade parkade showing early signs of concrete deterioration |
Exterior Siding & Cladding | Fair | 2032 | $380,000 | Vinyl siding with localized damage noted in RFS |
Asphalt Paving & Curbs | Fair — patching done | 2028 | $195,000 | Surface patching completed; full overlay planned |
Fencing & Retaining Walls | Good | 2034 | $165,000 | Wood fencing throughout the complex |
Exterior Windows & Doors | Uncertain — bylaw responsibility unclear | 2038 | $520,000 | Proposed bylaw change would shift responsibility to corporation; registration status unclear |
Garage Doors (Individual Units) | End of useful life | 2026 | $112,000 | Multiple garage doors approaching replacement; phased program expected |
Concrete Sidewalks & Pathways | Fair | 2030 | $85,000 | Some heaving and cracking noted in RFS |
Landscaping & Irrigation | Good | 2029 | $45,000 | Irrigation system refresh planned |
Common Area Painting / Staining | Fair | 2027 | $62,000 | Exterior staining of wood elements due |
Electrical Systems (Common) | Good | 2040 | $75,000 | No concerns noted; standard lifecycle |
Plumbing (Common Lines) | Good | 2042 | $90,000 | No reported failures |
Fire Safety Systems | Good — annually inspected | 2038 | $35,000 | Fire extinguishers and alarms on regular inspection cycle |
Mailboxes / Community Signage | Good | 2035 | $18,000 | Minor cosmetic refresh anticipated |
Eavestroughs & Downspouts | Fair — replaced with roof | Done 2025 | $95,000 | Replaced as part of 2025 roof project |
Major roof replacement completed in 2025
Below-grade parkade showing early signs of concrete deterioration
Vinyl siding with localized damage noted in RFS
Surface patching completed; full overlay planned
Wood fencing throughout the complex
Proposed bylaw change would shift responsibility to corporation; registration status unclear
Multiple garage doors approaching replacement; phased program expected
Some heaving and cracking noted in RFS
Irrigation system refresh planned
Exterior staining of wood elements due
No concerns noted; standard lifecycle
No reported failures
Fire extinguishers and alarms on regular inspection cycle
Minor cosmetic refresh anticipated
Replaced as part of 2025 roof project
Next 5 Years (2026–2030)
5–10 Years (2031–2035)
10–15 Years (2036–2040)
15–25 Years (2041–2050)
Active Litigation
No
Receivership
No
SIUD Present
Yes
Insurance Gap
No
Chargeback Bylaw
Yes
Self-Managed
No
Building Age
18 yrs
Bylaws Updated
2008
1 critical issue found — review carefully before proceeding.
Flags (4)
High Insurance Deductible
criticalCategory F: Litigation, Insurance & ComplianceInsurance deductible > $50,000 (Alberta threshold per Research)
Bareland Condominium
infoCategory A: Document Quality & OCR ReliabilityBareland condominium detected — informational only, not inherently riskier
Outdated Bylaws
infoCategory G: Board & Governance SignalsBylaws not updated in 15+ years — informational only
Phased Development
infoCategory A: Document Quality & OCR ReliabilityPhased/staged condominium — financial metrics may shift as phases complete
Detailed Category Scores
Cross-Document Conflicts (5)
Material reconciliation gap of ~$193,781 between the Reserve Fund Study update and audited financial statements. This variance is unexplained in the documents provided and affects the reliability of reserve fund adequacy assessments.
Reserve Fund Study (p.4)
Reserve fund balance projected at ~$1,018,986 as of fiscal year end 2023/24.
“The current fund balance ... $1,018,986 as reported by the management company.”
Annual Financials (p.2)
Capital reserve net assets reported as $825,205 as at January 31, 2025.
“Capital fund — net assets: $825,205.”
The RFS has already removed these cost lines assuming the bylaw change is effective, but the special resolution registration is unconfirmed. If the bylaw is not registered, these costs revert to the corporation with no funding allocated — a potential special assessment risk.
Reserve Fund Study (p.6)
Exterior windows and doors funding lines ($2.2M+) "removed in accordance with the bylaw" from reserve projections.
“Items removed in accordance with the bylaw change ... exterior windows, exterior doors.”
Special Resolutions (p.1)
Proposed special resolution to transfer exterior window/door maintenance to corporation — registration and vote evidence unclear.
“Proposed amendment to transfer maintenance and repair responsibility for exterior/outside surfaces including exterior windows and exterior doors to the Condominium Corporation.”
The SIUD is over 4 years old and may not match the current insurance policy terms. The 2025-26 renewal proposal suggests different deductible amounts. Buyers should request the current SIUD from the insurer.
Insurance Certificate (p.1)
SIUD document dated December 2020 — may not reflect current insurance terms.
“Standard Insurable Unit Description effective December 11, 2020.”
Other Document (p.1)
2025-26 insurance renewal proposal shows updated deductibles and premiums ($93,601 premium).
“HUB RNWL PROPOSAL 2025-26 ($93,601) — CCN 0912345 Riverside Terrace.”
Direct conflict between the registered bylaws (owners responsible) and the proposed special resolution (corporation responsible). Until registration is confirmed, the original bylaw governs — creating uncertainty about who bears these costs.
Bylaws & Rules (p.5)
Original bylaws (2008) assign exterior window and door maintenance to unit owners.
“By-law 3(b): The owner shall maintain and repair ... exterior windows and doors.”
Special Resolutions (p.1)
Proposed amendment to shift exterior window/door responsibility to the corporation.
“Proposed amendment to transfer maintenance and repair responsibility for exterior/outside surfaces.”
Budget appears consistent with the reduced-scope RFS, but if the window/door bylaw change is not registered, the contribution requirement would increase significantly. Budget reliability depends on the bylaw question being resolved.
Annual Financials (p.1)
Budget draft shows total operating expenses of ~$604,355 for 2026-2027.
“Total operating expenses: $604,355.”
Reserve Fund Study (p.8)
RFS funding plan assumes annual contribution of $187,177 — but reduced scope after removing window/door items.
“Recommended annual contribution: $187,177.”
By-laws applicable to Condominium Plan No. 0912345 repealed and replaced (registered substitution/replacement of by-laws).
Proposed amendment to transfer maintenance and repair responsibility for exterior/outside surfaces including exterior windows and exterior doors to the Condominium Corporation (substitution of By-laws 3(b),(c); 4(e); and 47(a)(xiii)).
52357, CCN 0912345 - Riverside Terrace at Bridgeland, Report 2025 - $54,500,000.pdf
52357, CCN 0912345 - Riverside Terrace at Bridgeland, Year 3 Update 2024 - $51,835,000.pdf
91200 - 02.02.2022 - Reserve Fund Study & Plan - Full.pdf
91200 - 11.20.2008 - Bylaws - 081432387.pdf
91200 - 12.11.2020 - SIUD-Standard Insurable Unit Description.pdf
91200 - Community Standards Advisement - 01.26.2021.pdf
4210112-1 Riverside Terrace - 2024 Reserve Fund Update.pdf
FS Package Riverside Terrace January 2026 - Operating.pdf
FS Package Riverside Terrace January 2026 - Reserve.pdf
HUB RNWL PROPOSAL 2025-26 ($93,601) - CCN 0912345 Riverside Terrace.pdf
Riverside Terrace - 2025 AGM Package.pdf
Riverside Terrace at Bridgeland - Budget Draft - 2026-2027 - V.2.xlsx
Special Resolution re Windows and Doors.pdf
unit file review.pdf
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