The revised regulations, which primarily cover governance, will come into effect on Jan. 1, 2020 alongside regulations for insurance of condominiums.
“The previous regulations would inevitably have led to increased condo fees for condo owners. I’m proud of the work we have done by listening to the concerns of Albertans, taking action immediately and working with condo owners, boards and managers to make thoughtful and sensible revisions. I’m confident Albertans will be pleased with the changes we’ve made.”
“These are exciting and important changes for condo owners and the condo industry. We know Albertans are facing too many unnecessary regulations, which is why we are working so hard to cut red tape. It’s great to see this kind of strong engagement with Albertans.”
The updated regulations incorporate feedback from a review with stakeholders held over the summer. Items reviewed addressed governance and transparency, the disclosure of information, qualifications of reserve fund study providers and fees.
“Condo Owners Forum Society of Alberta congratulates Minister Nate Glubish and the staff at Service Alberta for reaching this milestone which will substantially improve Alberta condo governance, management and living.”
Terry Gibson, Condo Owners Forum Society of Alberta
“CCI North Alberta is very pleased to support the release of the new condominium regulations. These amended regulations are a reflection of a government that listened to key stakeholders who were impacted by the practical effects of overregulation. The new regulations are well balanced and will significantly improve the lives of condominium owners, boards and industry members.”
Anand Sharma, Canadian Condominium Institute – North Alberta
What’s being changed
Adjustments have been made to regulations covering everything from disclosure of information to how annual general meetings are organized, sanctions, fees for documents, and the qualifications for those who conduct reserve fund studies.
Key changes include:
- Removing the requirement to provide the minutes of all board meetings in the package for annual general meetings (AGMs).
- Changing the requirement to disclose draft AGM minutes from 30 days to 60 days after the AGM.
- Changing the maximum fee for an estoppel certificate from $100 to $200, or $300 if rushed, and add a disclosure statement document fee of $100, or $150 if rushed.
- Changing the per-document cost for paper documents from a $10 flat fee to $0.25 per page, or $10, whichever is more.
- Allowing condominium corporations to borrow up to 15 per cent of their annual revenue as the default limit but also allow that limit to be changed through their bylaws.
- Removing the requirement to provide 60 days preliminary notice of an AGM and accept owner submissions for the agenda.
- Increasing allowed amounts for sanctions.
- Eliminating tiered rates for deposits condominium owners provide to their corporation when renting out the unit they own and setting the maximum for these deposits at $1,000 or one month’s rent, whichever is higher.
- Broadening the list of those who can conduct reserve fund studies.