Albertans who own condominiums will soon have more protection, as the province introduced Bill 13 this week: Condominium Property Amendment Act. More than 50 amendments are being proposed, including:
• A new condo dispute tribunal
• Improved disclosure of financial information and other necessary information to buyers
• Updates to qualifications and standards of practice for condo managers
• Improved governance for condo corporations
In Alberta, there’s over 8,000 condo corporations operating, which accounts for about 20% of the annual homes sold. Condos are a growing market in Calgary and even more are being built now.
These amendments help address the current and future needs of our growing and evolving condominium industry. They will help to ensure best practices for condominium boards and management companies, level the playing field among developers, and protect the rights and property values of purchasers and owners. – Dr. June A. Donaldson, Co-Founder, Alberta Condominium Owners Association
To get more information on Bill 13, read the Government of Alberta website.
