Yesterday, Bill 9 (Condominium Property Amendment Act) was passed, which brought 50 amendments to the Condo Property Act. This was based on two years of dialogue with nearly 4,000 public members and groups.
With every third home sold in Calgary being a condo, and over 8,000 condo corporations operating in Alberta, these changes will affect a lot of people in our city.
These are some of the highlights of the amendments:
- More consumer protection: broader disclosure to condo buyers, including warranty information, range of occupancy dates and notice of changes to the purchase agreement.
- Improved developer obligations: buyers’ deposits with an authorized trustee, range of occupancy dates, pay their fair share of condo fees for unsold units.
- Improved board governance: clear voting procedures, notice of AGMs, owners’ meetings to replace board members, notice of insurance changes.
- Condo management: authority delegated to the Real Estate Council of Alberta to regulate, authority to set skills, education, competencies, practice standards.
- Enhanced investigation and enforcement: clear scope of authority, stiffer penalties for offences.
- Dispute resolution tribunal: alternative to courts, based on best features of Alberta’s successful Residential Tenancies Dispute Resolution service.
Read more on Bill 9 and the latest amendments on the Government of Alberta website.
