The Condominium Act in Ontario has been passed 17 years ago. Due to the new dynamic shift, and more and more condos being built, it is to no surprise that the number of condo units owned is estimated to be around 700,000. Over 300 of these condominiums are registered in Mississauga. It is also estimated that there are about 1.3 million condo owners and 10,000 condo corporations. It is inevitable that change comes about.
The new proposed revisions to the act will be put in place to increase consumer protection for both buyers and owners. Improve how condos are managed and run and to strengthen the reserve fund for condos.
The new addition to the Act would allow disputes to be settled by using a third party, the Condo Authority. Who would in turn offer clearer information on condo owner’s rights & responsibilities, disclose information publicly and have an Auditor General to look over things. This would provide quicker, lower-cost dispute resolutions.
It would protect condo owners and buyers, since it would provide buyers purchasing pre-construction condos with a guide to condo living at the time of purchase, provide clear rules so that no surprise charges may arise to buyers purchasing pre-construction condos, the government will create regulations concerning all documents and amend the new home warranty act.
The act also proposes to strengthen the financial angel of condos, in order to prevent fraud. This will allow condo owners to have a more say in financial matters if the condo corporations decide to any financial changes. This act will also regulate how much the reserve fund has. Many argue, that the current act is out of date and needs a revision.
This would tie in that the new reform to the act would introduce a new piece of legislation – the Condominium Management Service Act. This means that a new, third party, would regulate condo managers and management companies within condos by establishing a licensing system, which includes proper training and a code of ethics.
In the past, we have written various blogs on the issues surrounding condo management companies and the roles they should play for the residents and visitors alike.
Check out the video from Mississauga City Hall and more info on this issue here.
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