For the first time since 1968, proposed new legislation to update the current Condominium Act of Ontario 1998 was introduced on May 27 and if passed, will create sweeping changes to the way condominiums are managed in Ontario.
One of many issues with the original legislation has been the lack of enforcement of the Act and poor tools for doing so. Under the new legislation, two new bodies would be created including the Condo Manager Licensing Authority and the Condo Authority. These would be financed by having every condo owner in Ontario pay a fee of $1.00 a month, through their condo fees that will go into a fund to operate the new bodies.
The new Act will address five main areas of reform including:
- Dispute Resolution
- Consumer protection for owners and buyers
- Financial management
- How condos are run
- Condo manager licensing
Among other things, condo directors will be required to have training and new standards of licensing will be established for property managers. Consumer protection measures will be enhanced, especially for new condo buyers and, a dispute resolution mechanism will be put in place. Considering how many millions of dollars are likely spent annually on the latter, I think a buck a month is a heck of a bargain.
You can read more here.
Marg Scheben-Edey is a Broker with RE/MAX four seasons realty limited, Brokerage in beautiful Collingwood, ON. With three decades of experience, Marg is a leader in the local real estate marketplace and is ready to help guide both Buyers and Sellers in achieving their real estate goals. Email Marg