Quebec Co-ownership in the Spotlight on TF1 and CNews

Quebec expertise in co-ownership is attracting growing interest in France. Me Yves Joli-Cœur, Admitted Lawyer Emeritus in co-ownership law, President of the RGCQ and founder of Condolegal.com, gave an interview in Paris to Olivier Casado, a host appearing on the French networks TF1 and CNews. The interview, which will be broadcast over the coming weeks, provided an opportunity to discuss the transformations taking place in Quebec co-ownership and the lessons that France and Quebec can share in terms of governance.

Co-ownership, a societal issue

While the housing crisis occupies an important place in public debate, preserving the existing housing stock sometimes remains in its shadow. Yet hundreds of thousands of Quebecers live in co-ownerships and are collectively responsible for the long-term sustainability of their building.

This responsibility was one of the main themes of the interview: how can aging buildings be preserved, how can work that will sometimes only be carried out in ten, fifteen or twenty years be financed, and how can sufficiently rigorous governance be ensured to protect co-owners’ assets?

The discussion notably focused on the shift from reactive management to genuine forward-looking management. For a long time, some co-ownerships waited for a deficiency to appear before taking action. The Quebec approach is now evolving toward a better understanding of the condition of the building, planning for its maintenance and anticipating the financing of major repairs and the replacement of common portions.

Planning today to protect tomorrow’s value

Three instruments are at the heart of this transformation: the maintenance log, the contingency fund study and the certificate on the condition of the co-ownership.

Beyond their technical nature, these tools reflect a new governance philosophy: looking beyond the next financial year and integrating the syndicate’s decisions into the building’s life cycle.A fundamental question was therefore discussed with Olivier Casado: can the value of an apartment truly be dissociated from the financial and physical health of the co-ownership in which it is located?

An apartment may be perfectly renovated, but its value remains linked to the condition of the roof, the building envelope, mechanical systems and other common portions, as well as to the syndicate’s financial capacity to intervene at the appropriate time.

Continuously postponing work or underfunding the contingency fund can lead to significant special assessments, deterioration of the building and financial or insurance-related difficulties. The quality of governance thus becomes a factor in protecting real estate value.

The RGCQ and Groupe ESPI: a bridge between France and Quebec

The interview also highlighted the partnership between the Regroupement des gestionnaires et copropriétaires du Québec (RGCQ) and the École supérieure des professions immobilières (ESPI), a French institution specializing in higher education in real estate.

This collaboration notably led to the creation of the École Supérieure des Professions Immobilières du Québec (ESPIQ). It aims to develop training, exchanges of expertise and applied research in areas that directly affect the future of the real estate stock.

This alliance above all makes it possible to bring together two experiences. France and Quebec have distinct legal frameworks, but face several comparable challenges: aging buildings, financing of work, energy transition, increasing management complexity and the need to better train those who make daily decisions concerning substantial real estate assets.

The partnership therefore takes on its full meaning: bringing together the knowledge and practices developed on both sides of the Atlantic in order to advance the management and governance of co-ownerships.

Training to improve governance

Another major theme of the interview was the professionalization of the co-ownership ecosystem.

Legal, financial and technical obligations have become sufficiently complex that goodwill alone is no longer always enough. Directors, managers, real estate brokers and other professionals need to better understand the mechanisms that make it possible to anticipate a building’s needs and preserve its value.

Training is one of the RGCQ’s key areas in this regard and takes on an additional dimension through the closer relationship with Groupe ESPI and the development of ESPIQ.

Contingency fund and governance: Planning, Maintaining, Certifying

These issues are precisely at the heart of Me Yves Joli-Cœur’s book, Contingency fund and governance – Planning, Maintaining, Certifying.

The book puts the maintenance log, the contingency fund study and the certificate on the condition of the co-ownership into perspective as three instruments of modern governance based on foresight, transparency and accountability.

The message to co-owners is ultimately simple: owning an apartment also means being collectively responsible for a building.

WHAT YOU SHOULD KNOW! The upcoming broadcast of this interview on major French networks will thus help showcase Quebec’s experience and continue the Franco-Quebec dialogue led by the RGCQ, Groupe ESPI and ESPIQ, around a shared ambition: better training, better planning and better governance to ensure the long-term sustainability of our co-ownerships.

WHAT TO KEEP IN MIND:​ Preserving the value of one’s property therefore requires looking beyond one’s private portion. It is necessary to take an interest in the governance of the syndicate, the maintenance of the common portions, the planning of work and the financial health of the contingency fund.

WARNING! Preserving the value of one’s property therefore requires looking beyond one’s private portion. It is necessary to take an interest in the governance of the syndicate, the maintenance of the common portions, the planning of work and the financial health of the contingency fund.