Replacing the roof at a complex. New asphalt in the parking lot. Upgrading underground utilities. Condominiums age and need to be repaired and maintained. The Condominium Property Act requires that condominium corporations establish and maintain a capital replacement reserve fund to provide for major repairs and replacement of property and common property. A new reserve fund study must be conducted every five years to make sure your building’s reserve fund is up-to-date. Why is this important? This allows you to get on with enjoying condo living without unexpected repair and maintenance costs and even to sell your condo with confidence.