Alberta putting an end to fee shock for new condo buyers
The Redford government is standing up for new condo buyers by making it mandatory for developers to be more transparent about condo fees.
After making a purchase, some condo buyers have been surprised to find significantly higher condo fees than what had been initially disclosed. The government is taking action to eliminate this problem by developing a plan that provides buyers with a standardized disclosure package, including an operating budget, at the time of purchase.
The move is the next step in the government’s plan to protect Alberta homeowners. The changes build on improvements already announced including a dispute resolution mechanism and legislation that provides bare land condominium owners the tools to deal with repairs and day-to-day maintenance issues.
“Albertans have told us that they want a clear picture of what they are buying and we’re going to make sure they get it. We will also ensure that there are consequences for those who take advantage of Alberta homeowners.”
A task team of Albertans, chaired by Sherwood Park MLA Cathy Olesen, is reviewing implementation options. Amendments to Alberta’s Condominium Property Act are scheduled for spring 2014.
Some items being considered are annual operating budgets, an accounting of contracts with service providers, clear descriptions of what an owner is responsible for, other building and financial reports as well as enhanced consumer rights.
“We applaud the government for moving the yardsticks towards stronger, more consumer-friendly condominium legislation. Increasing disclosure requirements will help our clients make informed decisions while pursuing the dream of homeownership.”
This is one of many changes coming out of the government’s successful conversation with Albertans on the future of the Condominium Property Act. More than 5,000 Albertans participated in the consultation that concluded on May 2.
Reviewing the Condominium Property Act is part of the government’s plan to protect Alberta homeowners. The plan includes modernizing legislation, stronger enforcement and proactive education for consumers.
Our government was elected to keep building Alberta, to live within its means and to fight to open new markets for Alberta’s resources. We will continue to deliver the responsible change Albertans voted for.
Minister Bhullar announces protection for new condo buyers