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New bill is a win for consumers and the real estate industry |
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CREB® supports the provincial government in tabling the Condominium Property Amendment Act this week and bringing over 50 amendments for enhanced consumer protection and stronger governance within the condominium industry. In particular, the new Act will regulate a disclosure of information related to the sale and governance of condominium units.
“Information is power, and these changes will empower consumers and REALTORS® to make more informed purchasing decisions,” said Bill Kirk, CREB® president. “In a particular, it will create clarity around reserve funds and special assessments, and reduce those surprises for consumers on things like special levies.” The amendments include the creation of a condominium tribunal, that reduces the time and costs associated with dispute resolution between condo owners and corporations. As well, there will be increased regulation of the industry with the introduction of licensing requirements for condominium managers by the Real Estate Council of Alberta. As a stakeholder in industry consultations, CREB® is pleased to see its members’ concerns addressed in the amendments. The Act is a positive direction towards the modernization of condominium legislation and reflects the changes to the industry since the Condominium Property Act was first introduced in 2000. “Thanks to the input of owners, their associations and over 4,000 Albertans, Bill 9 makes intelligent and purposeful changes to protect current and future condo owners, brings consistency for condo developers and provides structure and stability to governance for condo boards,” said Stephen Khan, Minister of Service Alberta. “We followed the leadership of Albertans to develop legislation, and will continue to work with them to implement it.” Service Alberta indicates most of the regulations from the Bill will be implemented over the next year. CREB® looks forward to the implementation of the amendments and continuing to serve as advocates on issues that affect its members. There are over 320,000 condominium owners in the province and condominium sales account for approximately 20 percent of residential sales annual.
To view an overview of the changes click here |
Posts Tagged ‘Condominium Property Act’
CREB® supports Condominium Property Amendment Act
Saturday, December 13th, 2014Public consultation on Condominium Property Act – get involved
Sunday, February 17th, 2013The Government of Alberta (Service Alberta) is taking steps to strengthen condominium legislation to address the current needs of condominium corporations, unit owners, and developers; and raise standards in Alberta”s condominium industry. The Alberta Government is currently consulting with industry stakeholders and the public on changes to the Condominium Property Act.
If you are a Condominium Owner, developer or involved in the industry I urge you to complete the survey and make your opinion count. Below is an article from the Service Alberta Website with the links to participate.
Let”s Talk Condos: A Message From The Minister
The Government of Alberta is taking steps to strengthen condominium legislation to address the current needs of condominium corporations, unit owners, and developers; and raise standards in Alberta”s condominium industry.
I encourage you to participate in our consultation and have your say on the future of condominium legislation in Alberta.
The deadline for responding to the consultation paper is April 2, 2013. I look forward to hearing from you.
Sincerely,
The Honourable Manmeet S. Bhullar
Minister of Service Alberta
Consultation Overview
The consultation paper covers a range of condominium issues and outlines legislative proposals and options aimed at resolving these issues. Your opinions will help us measure support for the choices being considered and assist the ministry in developing recommendations for legislative changes.
The following key topics are included in the paper:
- Consumer protection for buyers;
- Insurance requirements for the corporation and unit owners;
- Repairs to unit property following damages;
- Access to corporation records;
- Dispute resolution;
- Board governance; and
- Knowledge, competencies and standards of practice for condominium managers.
Background
Since the Act was last amended in 2000, the condominium industry has steadily grown and evolved, as more and more home-buyers choose to live and invest in condominiums. Growth in the number, variety and complexity of condominium developments, in conjunction with new industry trends and issues prompted Service Alberta to open the Condominium Property Act (the Act) and Regulation for review.
A committee of condominium owners, developers, lawyers, condominium managers, real estate representatives and other stakeholders was struck to assist the ministry with For loan calculators, the annual percentage rate (APR), is the cost of free-credits-report.com over the term of the loan expressed as an annual rate. the review.
The committee concluded that the Act is generally working well; however, members identified a number of issues for examination, in addition to identifying parts of the Act that should be made clearer and easier to understand. Letters, phone calls and emails from stakeholders indicate a need to strike a better balance between the rights and responsibilities of developers, boards and unit owners and to consider new rules aimed at improving the day-to-day operation of condominium corporations.
Condominium construction and warranty
Municipal Affairs” increases the maximum fines for violations of the Safety Codes Act, extends the limitation period for prosecution of offences under the Act, and makes home warranties mandatory for new homes to improve construction quality and strengthen consumer protection.
Quick Facts
- There are nearly 8,000 condominium corporations in Alberta, representing hundreds of thousands of residents.
- Nearly 20 per cent of homes sold in the province through the Multiple Listing Service (MLS) in the last year were condominiums.
- Nearly one in every three homes sold in Edmonton and Calgary through MLS in the last year were condominiums.
Links:
Please note: If you are unable to access the consultation paper online, a paper copy can be mailed to you by phoning 1-877-427-4088 toll-free in Alberta.