News & Updates
SERVICE ALBERTA: UPDATE TO CONDOMINIUM PROPERTY AMENDMENT ACT & PHASE TWO
Service Alberta: Condominium Property Amendment Act - Update and Phase Two
During the Summer, Service Alberta held Open Houses Provincially to receive feedback and opinions from condo owners, condo corporations, managers, and others on purchasing a condominium and condo board of governance issues. On October 12, Service Alberta the government forwarded a Press Release where Stephen Khan, Minister of Service Alberta is noted saying: "Albertans and their government all share a commitment to looking ahead as we improve our quality of life. We recognize that more Albertans than ever are choosing to live and invest in condominiums. They told us that our condominium laws needed to be upgraded and modernized. We listened."
On January 1, 2018 the first changes to the Condominium Property Amendment Act will become legislation, to better protect Albertans when buying a condominium has been announced and include:
- more disclosure to buyers at the time of purchase (proposed budget and date the condominium will be provided to the buyer)
- occupancy date delays or changes that that may negatively impact the value
- better protected purchaser deposits by having developers being required to hold money in trust by a lawyer
- inspection of condo developers to rules are being followed
- for developers who do not follow the rules, new penalties are in place.
Additionally, improvements for condo boards and condo life have also been taken into consideration:
- Mandating developers give vital information to the first condo board following owners being elected
- permit the removal of board members by owners through a vote
- empowering owners to call for special general meetings.
On April 1, 2018, the disclosure rules and remedies will apply to sales agreements come into effect, permitting developers enough time to understand and be able to appropriately implement the new sales rules.
What’s Next...? It's YOUR Turn!
The Government is looking for feedback regarding: how condo boards govern themselves, insurance requirements, voting procedures and reserve fund plans. We encourage your participation! The public online survey is available until November 10, 2017. To take the public online survey, please follow the link: http://condo.alberta.ca