What assessment is completed every three years post-first year?

The option that refers to the assessment completed every three years post-first year is the Reserve Fund Study. This assessment is crucial for condominium corporations as it evaluates the adequacy of the reserve fund, which is essential for addressing future repairs and replacements of the common elements. The Reserve Fund Study provides a detailed analysis of the condition and expected lifespan of the building's components, helping to ensure that sufficient funds are set aside to cover these costs.

Conducting this study every three years allows condominium corporations to respond proactively to their long-term maintenance needs and financial obligations. It helps in making informed decisions regarding contributions to the reserve fund and planning for future expenses, thereby ensuring the financial health of the condominium community. These studies are mandated by the Condominium Act in Ontario, reinforcing their importance in the management of condominium properties.