By Staff
May 27, 2015
BURLINGTON, ON
Ontario is introducing new legislation to increase protections for condominium owners, improve how condo corporations are run, and ensure that condo boards are governed professionally.
One of the many condominiums in Burlington. The rental unit market is, to a large degree, made up of condo’s bought as investments and rented out.
The proposed Protecting Condominium Owners Act marks the first major overhaul of the province’s condominium laws in more than 16 years. It is based on more than 2,200 consultation submissions from condo owners, developers, managers and industry experts during a public review of the Condominium Act.
If passed, the proposed legislation would establish:
• Clearer, more comprehensive rules to prevent owners from being surprised by unexpected costs after buying a newly-built condo
• A new Condominium Authority to provide quicker, lower-cost dispute resolution and help prevent common disputes
• Strong financial management rules for condo corporations to help prevent financial and organizational mismanagement
• Better governance requirements for condo boards, including training for condo directors
• Mandatory licensing and education requirements for condominium managers.
The Brock, controversial when it was proposed, now fits nicely into its neighbourhood.
More than 1.3 million Ontarians live in condos – a number greater than the populations of Saskatchewan or Manitoba.
More than 50 per cent of new homes being built in Ontario are condos.
There are currently 700,000 condo units in Ontario, up from 270,000 units in 2001. – 51,000 units are currently under construction.
The government received about 200 recommendations for updating the Condominium Act through its public consultation process.
Related story:
Condo management operator arrested for bilking condo corporations of $4 million
