Bill 106 Proposes Changes to Protecting Condominium Owners Act,2015
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 Run . The 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