The Government of Yukon is updating the province’s outdated Condominium Act to improve governance of the territory’s growing condo supply.

A dedicated stakeholder committee that includes Chamber of Commerce representatives and the City of Whitehorse will participate in drafting the legislation. Input from condominium owners will also be sought.

“The new Condominium Act will provide certainty to the industry by introducing a strong legal framework for future developments and their governing corporations,” says Minister of Justice Mike Nixon.

The updated Condominium Act will clarify the rights and responsibilities of developers, condominium corporations and unit owners, as well as ensure that condominiums are suitably financed and operated. There has been an increase in condo sales in the Yukon, with 224 condos purchased in 2012 compared to 39 in 2004.

“Our Condominium Act dates from 1976 and has fallen far behind industry standards and practices,” Nixon says. “Today’s condominium owners need many protections, such as reserve funds, which were not considered in the 1970s.”

The new Condominium Act will be tabled in the Yukon Legislative Assembly in fall 2014.