The Performance Audit
The Performance Audit is a requirement of the Condominium Act. It is a comprehensive inspection of a project’s common elements to identify any deficiencies that need to be addressed, such as water penetration or fire safety issues. For more details, review section 44 of the Condominium Act.
What is included in the Performance audit
The performance audit includes, but is not limited to a surveys prepared by the Performance Auditor to determine if any possible defects exist within the common elements of the unit. Along with the surveys, the Performance Audit also provides a list of alleged defects to the common elements of the building such as corridors, amenity rooms, mechanical areas, elevators etc.
When it is conducted
The first-year performance audit must be conducted between 6 and 10 months from the date of registration of the project.
Who conducts the performance audit
It is the condominium corporation’s responsibility to hire and pay for the performance auditor. The performance auditor must have the following specific qualifications:
· hold a certificate of authorization under the Professional Engineers Act, or
· hold a certificate of practice under the Architects Act.
What happens after the audit
The performance audit report must be submitted to Tarion along with a Performance Audit Tracking Sheet before the end of the 12th month following registration.
The Performance Audit Tracking Sheet lists all items identified in the performance audit. It is used to track the progress of repairs and allows communication to take place between the condominium corporation and the builder.
The builder will have an 18-month repair period from the first anniversary of the registration date of the condominium project to repair or resolve all warrantable items listed on the Performance Audit Tracking Summary that are covered by the warranty.
Tarion expects the condominium corporation’s designate to update the Performance Audit Tracking Summary every 90 days. The Performance Audit Tracking Summary can be uploaded and updated using MyHome.
Appointing a designate for the audit
Around the time the performance audit is submitted, the condominium corporation must select a “designate” who will act as a point of contact between the corporation and Tarion. The designate can be a board member, property manager or even the performance auditor.
The designate has a variety of responsibilities, such as overseeing the resolution of warranty items, managing timelines, and making the required regular updates to the Performance Audit Tracking Summary. The name of the designate must be communicated to Tarion using the Appointment of Designate Form.