Yellowknife Condo. Corp. No. 8 (Northlands) has a long and complex history. Much of this information is captured on the History page. However, for those who are new to YKCC8, here is the most important information.
In 1990, Yellowknife Condominium Corporation No. 8 was incorporated. In the following decades, there were some good things that happened as well as some challenges. The biggest of these challenges was centered on decaying water and sewer infrastructure, which the Corporation could not afford to replace on its own.
In 2012, YKCC8 and the City of Yellowknife signed a Memorandum of Understanding (MOU) for the City to help facilitate the financing of the much-needed infrastructure replacement. Water service interruptions were becoming increasingly frequent, pipes were collapsing, and things were getting worse.
With this MOU in place, the City secured financing for the project to be repaid by YKCC8 members through a Local Improvement Charge (LIC) over 25 years. After the 3-year project to replcae the infrastructure, the City would take over the new infrastructure and roads within the condomium property and would be responsible for them moving forward.
While this was moving forward, CMHC stopped supporting mortgages within Northlands. This had a significant impact on a number of owners, limiting their options to sell no matter what changes they might experience in their lives.
This infrastructure replacement project was substantially completed in the fall of 2015, although a few loose ends remain to be wrapped up in 2016. The City bylaw implementing the LIC was passed January 11, 2016, and was immediately followed by CMHC coming back on board.
YKCC8 has been working to reduce condo fees, recognizing that the combination of condo fees and LIC will be difficult for some people. As of December 2015, the condo fees were reduced to $55/month; the LIC (paid directly to the City of Yellowknife) is $283.27/month for 25 years.
With the completion of the infrastructure project, YKCC8 is embracing new opportunities to focus on community building and enhancement and on strengthening governance. We invite any owners and residents who are interested in helping to contact us.