This week, the Alberta government introduced Bill 13: The Condominium Property Amendment Act.
“Buying a condo is an affordable option for Albertans entering the housing market and is often their first real estate experience. After careful review and discussion with stakeholders and Albertans, our government will update the Condominium Property Act to make it easier for owners and builders to understand their responsibilities on the sale of condos.”
More than 50 amendments to the Act were tabled in the Legislature. Key among the proposed changes are:
- the creation of a new condominium dispute tribunal;
- improved disclosure of financial and other necessary information to buyers of new and converted condominiums;
- updates to qualifications and standards of practice for condominium managers; and,
- improved governance for condominium corporations.
“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.”
Work on the regulations, including details about the dispute tribunal and clarification of insurance obligations for corporations and owners, will begin shortly.
In Alberta there are more than 8,000 condominium corporations in operation and condominiums account for approximately 20 per cent of homes sold annually.
Under the Building Alberta Plan, our government is investing in families and communities, living within our means, and opening new markets for Alberta's resources to ensure we're able to fund the services Albertans told us matter most to them. We will continue to deliver the responsible change Albertans voted for.