Last week the Province of Ontario introduced two new Acts to reform the existing condominium legislation. The proposal is lengthly which was necessary in order to address the way the condo market has changed since the last Act was passed in 1998.
Of note the new acts would do the following:
Streamline Dispute Resolution
By creating a Condo Authority that would provide a faster, more effective, less expensive and fairer dispute resolution process.
Enhance Consumer Protection
By increasing disclosure to condo buyers in order to protect them and help them make more informed decisions. A part of this requires status certificates to be more detailed containing more information about the financial health of the corporation.
Strengthen Financial Management
By increasing financial management requirements for condo corporations.
Improve How Condos Are Run
By creating extensive requirements for condo boards.
Condo Manager Licences
Consists of a combination of education requirements and licensing.
Click here for more on the proposed changes.