We work with a lot of condo owners and investors and are very happy the government is finally implementing new rules to protect them. Here is a breakdown of the long-awaited legislation:
- 1.3 million Ontario condo dwellers will be better protected.
- In Ontario there is currently 700,000 condominium units and 10,000 different condo corporations. Government and Consumer Services Minister David Orazietti has previously said it was time to update the law and that “The condo sector has been a bit like the Wild West”
- A new Condominium Authority will be established in 2017 to prevent common disputes.
- It will be funded by an independent, not-for-profit corporation and will be a monthly fee of $1 per month per unit.
- There will be mandatory licensing and education requirements for condominium managers as well as a compulsory code of ethics.
- Governance requirements will require any condo board directors to be trained.
- Boards will no longer have to pass a by-law in order to hold a conference call or virtual meeting online.
- Clearer rules to protect purchasers of newly built units.
- Developers will be required to give buyers a guide to condominium living at the time of the sale
- Ontario new home warranty will also apply to some condo conversion projects.
- Regulations will be in place to curb financial mismanagement and reduce fraud.
- Condo corporations will be forbidden to finalizing maintenance contracts unless they have sought competing bids and have given owners information on they corporations finances and clarify rules about the reserve funds.
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