News & Updates
SERVICE ALBERTA ONLINE WEBINAR
Dear Condominium Stakeholder;
The first set of regulations to the Condominium Property Amendment Act have been finalized and approved. This stage contains a number of new and improved protections for buyers of new and converted condominiums.
Service Alberta is pleased to invite you to participate in an online webinar covering these new these regulations on Friday, November 17, from 10 a.m. to 11:30 a.m. The webinar will include a presentation by department representatives and an opportunity for participants to submit written questions.
The new rules will improve protections for buyers of new and converted condominium units by:
- providing buyers with more information at the point of sale, including a realistic annual operating budget;
- giving options to buyers if material changes are made during construction without their agreement or if occupancy is delayed
- creating new rules around the handling of money held in trusts while condos are being built, including requiring that the money be held by a lawyer, instead of the developer;
- requiring developers to provide more information to the first elected board when it takes over control of the corporation;
- providing new inspection and enforcement powers for government.
Attached is the Condominium Developer Infosheet. It should be noted that the Infosheet is an educational and information document only.
Service Alberta advises stakeholders to consult with legal counsel when interpreting condominium related legislation and regulations prior to making any investment related decisions.
You can participate in the webinar by clicking on the following link:
We look forward to responding to any questions or ideas you have on the implementation of the purchaser protections as well as the next steps forward on improving condominium legislation in Alberta.
Please RSVP to condoreview@gov.ab.ca.
Sincerely,
Service Alberta