LATEST NEWS Professional Services
June 13, 2012
Ontario to review its condominium act
Ontario’s Condominium Act, 1998 is undergoing changes to reflect the current and future needs of stakeholders in the condominium community, it was recently announced.
In an effort to respond to a booming and evolving industry, the province will launch a public consultation to identify a comprehensive set of issues, and long term solutions relating to matters such as: consumer protection for buyers; condominium finances and reserve fund management ; condominium board governance; expertise/accreditation of condominium managers; and dispute resolution, for instance between condo boards and owners.
The condominium market has changed dramatically since the Act was adopted in 2001. Currently, over one million people live in condominiums in Ontario and condos currently make up about 50 per cent of new home sales in the province.
Many of the condominiums currently in use did not exist when the Act came into effect. Today condominiums can be: mixed-use; hotel condominiums; townhouse, low-rise and high-rise condominiums; retails condominiums; and condominium conversions.
The review will directly engage the entire condominium community, including owners, residents, developers and property managers. Members of the condominium community will have the opportunity to speak about their issues, hear the concerns of others and work together to develop solutions. Details of the public engagement process and information about how to participate will be announced this summer.
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