The Government of Alberta has introduced amendments to an existing bill to protect the rights of condominium owners. In addition to providing increased protection for owners, Bill 13: The Condominium Property Amendment Act will help to improve the governance of the over 8,000 condominium corporations operating in Alberta, as well as set standards for building managers.
“Buying a condo is an affordable option for Albertans entering the housing market and is often their first real estate experience,” says Minister of Service Alberta Doug Griffiths. “After careful review and discussion with stakeholders and Albertans, our government will update the Condominium Property Act to make it easier for owners and builders to understand their responsibilities on the sale of condos.”
Amendments to the bill include:
- The creation of a new condominium dispute tribunal;
- Improved disclosure of financial information for buyers of new and converted condominiums;
- Updated qualifications and standards for condominium managers; and
- Improved governance for condominium corporations.
“These amendments help address the current and future needs of our growing and evolving condominium industry,” says Dr. June A. Donaldson, co-founder of the Alberta Condominium Owners Association. “They will help to ensure best practices for condominium boards and management companies, level the playing field among developers, and protect the rights and property values of purchasers and owners.”
Condominiums account for approximately 20 per cent of all homes sold annually in Alberta.
