The Province of Alberta has moved to improve rules around owning condominiums.

As part of the continuing changes to the Condominium Property Amendment Act, Service Alberta Minister Stephanie McLean says those looking to buy a condo will have much more protection moving forward.

"Developers must give you a final move in date. And if they can't meet it, you have the option to renegotiate, or cancel your contract and get your deposit back. We are also preventing "fee shock," by requiring developers to give you a realistic estimate of condo fees that you can expect to pay when you move in. And if their estimate is off by more than 15 per cent, they must cover the difference for the first year."

Other changes include:

Requiring developers to include more information in the contract, such as floor plans and finishes, to help buyers make a confident decision.

Creating new rules so developers must hold buyers’ deposits in trust with a lawyer while their condos are being built.

Requiring developers to provide more information to the first elected condo board, to create a smoother transition for owners.

Allowing the government to investigate breaches of the act, and issue fines to developers where necessary.

The bulk of the new regulations will come into effect Jan. 1, 2018, with the remainder coming into force April 1.

The Province continues to look for more feedback from the approximately 20 per cent of Albertans who live in condos.

From their release:

Public consultations are now underway for the second set of regulations, focused on improving condo living.

Albertans are invited to complete an online survey on issues such as:

How meetings are run and how votes take place.
Rules on renting a condo.
Who should repair units and pay for insurance?
How reserve funds are managed.
What kind of say owners get in the rules the board makes.
How to make sure condo boards have the support they need to fulfil their roles.
Establishment of a condo tribunal to more easily resolve disputes as an alternative to the courts.

The survey is available at condo.alberta.ca until Friday, November 10, 2017.

Input from the survey and open houses will help the government create new regulations related to governance and dispute resolution.

The new rules are expected to be finalized in 2018.

 

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