Question 1

What is a reserve fund study (reserve study) in Alberta?

Accepted Answer

A reserve fund study (often called a reserve study) is a long-range planning report that helps a condo corporation forecast major repair and replacement costs and plan funding over time. It typically includes a component inventory, an on-site review of the property, and a capital plan + funding model so boards can budget and reduce the risk of large, unexpected expenses. Check out our reserve fund study guide for more information.

Question 2

How Much Does a Reserve Fund Study Cost in Alberta?

Accepted Answer

Reserve fund study costs in Alberta typically range from $3,000 to $12,000, depending on several key factors. Small townhome complexes under 50 units generally cost $3,000-$5,000, mid-sized properties with 50-150 units range from $5,000-$8,000, while larger high-rise buildings or complexes with extensive amenities may cost $8,000-$12,000 or more. Check out our Cost Guide.

Question 3

How often do Edmonton condo corporations need a reserve fund study?

Accepted Answer

The legislative frequency is every 5 years. However, frequency also depends on your condo corporation’s requirements and planning needs, but many boards update reserve fund studies on a recurring cycle to keep the capital plan and funding model current. If you’re approaching a budgeting cycle, major project, financing requirement, or your last study is aging out, it’s a good time to update. If you tell us your building type and last study date, we can recommend the right approach.

Question 4

Can you work directly with our property manager?

Accepted Answer

Yes. We regularly coordinate with property managers for document collection, site access, and scheduling. Our portal-based workflow makes it easy for managers and boards to collaborate without long email chains.

Question 5

Do you provide reserve fund studies in Edmonton and surrounding areas?

Accepted Answer

Yes. Brookstone provides reserve fund studies in Edmonton and area, including Sherwood Park, St. Albert, and Leduc. If your condo corporation or property manager is located in the Edmonton region, we can coordinate the document collection, board questionnaire, and site visit, then deliver the final report through our client portal.

Question 6

Are Brookstone reserve fund studies completed by licensed Professional Engineers (P.Eng.)?

Accepted Answer

Yes. Our reserve fund studies are completed and signed by APEGA-licensed Professional Engineers (P.Eng.) in Alberta. This is important for boards and property managers who want clear professional accountability, consistent methodology, and a report that supports confident long-range planning and budgeting.

Question 7

What’s included in your reserve fund study service?

Accepted Answer

A Brookstone reserve fund study typically includes:

Review of available building and financial documentation (as provided)
Board/manager questionnaire completed online via our portal
On-site property review (site visit)
Component-based planning framework (repair/replace planning)
Clear deliverables formatted for board decision-making and long-range budgeting
Professional report delivery through the client portal

For more information, check out our Reserve Fund Study Process Guide.

Question 8

What is the reserve fund study process with Brookstone?

Accepted Answer

Our process is designed to be straightforward for busy boards and property managers:

Request a quote – tell us about your building and timeline; we provide a clear proposal and next steps.
Complete everything online – upload documents and complete board questions through our self-serve portal.
Site visit + report delivery – we perform the on-site review and deliver a practical, budget-ready reserve fund study report through the portal.

Question 9

What documents should we prepare before starting a reserve fund study?

Accepted Answer

To keep your reserve fund study accurate and efficient, it helps to gather what you already have, such as:

Prior reserve fund study reports (if available)
Recent financial statements and budgets
Building drawings/specs (if available)
Maintenance logs, contractor reports, and recent project invoices
Any known issues or planned projects (envelope, roofing, parkade, mechanical, etc.)

If you’re missing items, don’t worry—your board/manager questionnaire and our site visit help fill gaps.

Question 10

What building components are typically assessed in an Edmonton condo reserve fund study?

Accepted Answer

While each building is unique, reserve fund studies commonly focus on major capital components such as:

Building envelope (roofs, windows, siding, sealants)
Mechanical systems (boilers, MAUs/ventilation, pumps)
Parkades and structural elements (where applicable)
Other shared/common property items that drive long-term capital spending

Your final component list is based on the building type, age, and what’s present on site and in documentation.

Question 11

How long does a reserve fund study take in Edmonton?

Accepted Answer

Timelines vary by building size, complexity, and how quickly documents are provided. In general, the workflow is:

Quote and kickoff (quick)
Online document upload + board questionnaire
Site visit scheduling
Report preparation and delivery

If you have a deadline (AGM, lender requirement, or compliance timing), include it in the quote request so we can plan the schedule appropriately. Check out our reserve fund study timeline guide

Question 12

What affects reserve fund study cost in Edmonton?

Accepted Answer

Reserve fund study pricing depends on factors like:

Building size and complexity (number of components, amenities, parkade, etc.)
Quality and availability of documents
Site access and coordination requirements
Level of detail required in reporting and outputs

We provide transparent pricing in our proposal so boards can plan without surprise charges. Check out our reserve fund study cost guide.

Question 13

How do we get started and request a reserve fund study quote?

Accepted Answer

The fastest way to start is to request a quote and share your building details and timeline.

From there, you’ll receive a proposal with clear next steps. Once you proceed, you can complete the board questionnaire and upload documents through our portal, then we schedule the site visit and deliver the final report online.

Quote request: https://reservefund.brookstoneinspection.com/quote

Question 14

Do you assess parkades and building envelope items common in Edmonton?

Accepted Answer

Yes. Edmonton buildings often have major cost drivers tied to building envelope performance (roofing, windows, sealants, cladding) and parkade exposure (wear, drainage, and durability). Our on-site review and component planning are designed to capture these long-term capital items so boards can plan funding proactively.

Question 15

Can board members be held personally liable for not having a current reserve fund study?

Accepted Answer

Yes, Alberta condominium board members can face personal liability for failing to maintain current reserve fund studies. Directors have a fiduciary duty under the Condominium Property Act to act in the corporation's best interest, which explicitly includes obtaining and updating reserve fund studies every five years. If inadequate reserves force special assessments or if the corporation cannot complete necessary repairs, unit owners can pursue legal action against board members for breach of duty. Directors' insurance may not cover willful non-compliance with statutory requirements. Maintaining current, professional reserve fund studies represents essential liability protection for volunteer board members.

Question 16

Can reserve fund studies help us qualify for better insurance rates?

Accepted Answer

Yes, current, comprehensive reserve fund studies can positively impact condominium insurance premiums and coverage availability. Insurers view professional studies as evidence of responsible risk management, indicating the corporation proactively maintains property and plans for necessary repairs. Buildings without current studies may face higher premiums, coverage restrictions, or difficulty obtaining insurance entirely. Some insurers specifically ask about reserve fund adequacy during underwriting. A study demonstrating appropriate reserves and planned maintenance suggests lower claims risk. While studies alone don't guarantee lower rates, they contribute to the overall risk profile insurers evaluate. Buildings that implement study recommendations and maintain adequate reserves present better risks than those operating reactively.

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