“Strengthening consumer protection is a priority of our government and that’s why we’re proposing stronger disclosure and clear options for new buyers when their condos are not completed on time or as promised.”
Proposed changes include:
- Allowing buyers to cancel purchase agreements if developers fail to meet final move-in dates.
- Requiring developers to provide detailed operating budgets, as well as realistic estimates of initial condo fees.
- Strengthening measures to protect buyers’ deposits, where money is required to be held in trust.
- Disclosure of material changes to purchase information and procedures for buyers to pursue damages or cancel purchase agreements if there are material changes.
- Strengthening government’s investigation and enforcement powers, as well as stiffer penalties for offences under the Act and its regulations.
Albertans can review and comment on a draft version of the regulations through an online survey that begins today and runs until Friday, October 30. The survey link can be found on Service Alberta’s website.
Bill 9, the Condominium Property Amendment Act, received Royal Assent in the fall of 2014. Since then, Service Alberta has worked with key stakeholders to draft supporting regulations that are responsive, fair and consistent with both the Condominium Property Amendment Act and the new government’s plans to strengthen consumer protection.
Completion of the first phase of consultation will facilitate implementation of select amendments in the Act and corresponding regulations.
Following the completion of phase one, work will begin on subsequent phases:
- Phase 2: Property repair and maintenance obligations, corporation governance, insurance and reserve funds
- Phase 3: Regulation of the condominium management sector
- Phase 4: Creation of a condominium dispute tribunal
In Alberta, there are more than 8,000 condominium corporations in operation and condominiums account for approximately 20 per cent of homes sold annually.