Changes in condominium act proposed, Bill .....

Changes Proposed to Condominium Act

Bill 106 Proposes Changes to Protecting Condominium Owners Act,2015
Five major reforms when passed 

1- Dispute Resolution Condominium Authority intended to provide quicker, lower-cost dispute resolution than what is available today.

2- Consumer Protection for Owners and Buyers  to extra safeguards to protect condo owners and buyers.

  • Require developers to provide easy-to-read guide to condominium living at the time of sale
  • Provide rules intended to prevent surprised costs after purchasing a newly-built condo
  • Enable the government to create regulations for condo documents.
  • Amend the Ontario New Home Warranties Plan Act. so that most of the warranty protections available to buyers of new condos would also apply to certain condo conversion projects.

3- Financial Management  would forbid condo corporations from finalizing some contracts unless they have fulfilled certain procurement process requirements.

4- How Condos Are RunThe proposed Act is intended to make it easier for condo owners and boards to participate and vote at meetings.

5- Condo Manager Licensing  a new delegated administrative authority would regulate condo managers and management firms by establishing a compulsory licensing system. Regulations under the Act would set training and education requirements for condo managers and a code of ethics.

More Detail is found Ontario Legislative Assembly website.


Categories: Greater Toronto Area Real Estate Updates