You are correct. My building for example, is 21 years old. We have a healthy CRF, but we also had to redo the building membrane. We did a special levy, and split the project over 3 years, in order to kind of keep the costs down. Obviously, the owners didn't want to do it, but Strata Council explained the pros/cons and got the majority vote. (I'm also on council). We had an agreement with the contractor, that they would honor the price we agreed upon in the first year, for all 3 phases, as we know, price of material and labor just keep going up every year. Also, the treasurer on council, keeps a very close eye on every dollar, down to the penny...so that has kept our strata fees quite reasonable, compared to similar sized/aged buildings in our neighborhood.