DaVinci Engineering

Understanding Reserve Fund Studies: Types, Requirements, and What to Expect

03/26/2025 | DaVinci Engineering |

If you manage a condo in Ontario, you know that maintaining a healthy reserve fund isn’t optional—it’s the law. But how do you determine how much your reserve fund should have? That’s where Reserve Fund Studies (RFS) come in.

In this blog, we’ll explain the types of reserve fund studies, what they include, and how they help ensure your building’s long-term success.

What is a Reserve Fund Study (RFS)?

A Reserve Fund Study is a comprehensive assessment conducted by professional engineers to evaluate the condition of your building’s common elements and estimate the future costs of repairs and replacements.

The study includes:

  • A physical inspection
  • Condition assessment of building components
  • Cost estimation for future repairs
  • A funding plan
  • Compliance verification with the Ontario Condominium Act

Types of Reserve Fund Studies in Ontario

Under Ontario’s Condominium Act, there are three types of Reserve Fund Studies:

1. Comprehensive Study (Type A)

  • Required for new buildings (within the first year of registration) or when no study has been previously conducted.
  • Involves a full inspection and a detailed 30-year funding projection.
  • Timeline: 8-12 weeks.

2. Updated Study with Site Inspection (Type B)

  • Conducted every three years after a Type A study or when significant changes have occurred.
  • Includes a site inspection and updated financial projections.
  • Timeline: 6-8 weeks.

3. Updated Study without Site Inspection (Type C)

  • A desktop review of existing reports and financial data.
  • Conducted between Type A and Type B studies when minimal changes have occurred.
  • Timeline: 3-4 weeks.

Which Study Does Your Condo Need?

Factors that determine which type of study is required include:

  • The age of your condominium
  • Time elapsed since the last study
  • Major repairs or replacements since the last review

Davinci Engineering helps condo boards select the appropriate study to stay compliant and financially prepared.

Documents You’ll Need for a Reserve Fund Study

  • Current reserve fund balance
  • Audited financial statements (last 3 years)
  • Reserve account ledger (last 6 years)
  • Current budgets
  • List of recent and future capital projects
  • Building drawings (if available)
  • Condominium declaration and by-laws

Davinci Engineering Makes It Simple

We guide you through every step of the Reserve Fund Study process, from collecting the right documents to delivering an actionable funding plan tailored to your building.

Need a study? Contact Davinci Engineering to schedule your Reserve Fund Study and stay ahead of costly surprises.