Manitoba’s Tourism, Culture, Heritage, Sport and Consumer Protection Minister Ron Lemieux has announced a proposed new Condominium Act. The proposed legislation, which would take effect February 1, 2015, will provide increased consumer protection for condo owners and buyers.

For condo buyers, the legislation would include:

• extending the cooling-off period to seven days from 48 hours;
• allowing buyers to cancel if any material changes are made to what was promised before moving in;
• creating enhanced disclosure of items such as the cooling-off period and cancellation rights;
• requiring developers to conduct a reserve fund study before selling any condos converted from apartments, thereby giving buyers a clear view of the building’s condition prior to purchase;
• ensuring owners have a voice on the developer’s board; and
• giving buyers an idea of the anticipated operating costs for the first year and requiring the developer to pay the difference if real costs exceed the estimate.

The new act would also include enhanced benefits for current condo owners, condo corporations and condo boards.

“We recognize the growing popularity of condo ownership as a housing option, and the new Condominium Act strengthens consumers’ rights when buying condominiums and provides better consumer protection for Manitoba condo owners,” says Minister Lemieux.  “These protections will benefit new and existing condo owners now and for years to come.”

Approximately 50,000 Manitobans are currently living in condominiums.