WELCOME TO REDSTONE

Dear Redstone Homeowner,

Please see attached for the updated budget for the 2024-2025 Fiscal Year for the Redstone Homeowners’ Association (RSHOA). The Board of Directors reviewed the existing contracts and prior year actuals to create a budget with an increase of 9.09%. The increase equates to a $10 increase for homeowners over the prior fiscal year. The increase was necessary due to the rising cost of goods and services, and we believe that the increase is necessary to cover the homeowners association costs and invest in the services that are offered to residents.

The RSHOA fees for the 2024-2025 fiscal year are a total of $126.00. This is comprised of a $120.00 fee plus GST. The 2024-2025 RSHOA fees will be due on May 31, 2024. Please note that interest charges will begin accumulating on overdue accounts after June 1st, at a rate of 18% per annum, calculated half-yearly.

To make payment convenient and secure, we have included a pre-authorized debit form that can be completed to ensure your annual fee is deducted directly from your bank account, thus avoiding any delays and interest charges for the upcoming fiscal year, along with future contributions. (Note: A Void Cheque must also be included). Alternatively, those who would like to pay their fee through Rentcafé, are welcome to do so for the upcoming fiscal year.

Why is there an increase in the HOA fee?

This marks the inaugural year of our contributions to a reserve fund that replaces features that fall under the HOA’s maintenance purview, such as brick walls, entry features, picnic tables, and benches. By increasing the annual fees by $10 annually, we can ensure the availability of funds for repairs and replacements when necessary.

What is the purpose of a reserve fund and why is it necessary?

A reserve fund is a designated account reserved for the specific purpose of replacing features that fall under the HOA’s maintenance responsibility. With the Developer no longer providing support, the HOA is now solely accountable for the upkeep and renewal of these features. Establishing a reserve fund is crucial to preserving the existing features within our community and preventing their deterioration.

Why is the HOA fee in Skyview significantly lower than ours?

Skyview benefits from a larger number of households contributing to their HOA, primarily due to the presence of numerous condo complexes and multi-family units within their jurisdiction. In contrast, Redstone is comprised mostly of single-family units and townhouses, resulting in lower population density and HOA contributions. This discrepancy in household numbers accounts for the disparity in fees between Redstone and Skyview.

What contributions has the HOA made to the community?

The HOA oversees all landscaping efforts within the community. Were you aware that our landscapers maintain over 3.5 km of pathways during winter, a service that would otherwise not be provided by the city? Additionally, they conduct bi-weekly garbage collection along the pathways during the summer months exclusively within Redstone, in addition to tending to grass, shrubs, garden beds, and planting flowers (look out for new flowers in the roundabouts soon!). They also maintain freestanding flower pots with a variety of summer blooms.

Please note that this will be the final year this notification will be sent in its printed form. Please make sure to update your contact information, including email, with Equium at redstonehoa@equium.ca.

To ensure you stay informed and connected, please visit the RSHOA website at www.redstonehoa.ca. Periodic news and information will be sent via email. Please make sure we have your correct email address by sending an email to RedstoneHOA@equium.ca and kindly include your property address in the subject line.

Sincerely,

Equium Group
On behalf of Redstone Homeowners’ Association (RSHOA)