The Government of Alberta is moving ahead with plans to modernize condominium legislation throughout the province, a change the Canadian Home Builders’ Association – Alberta (CHBA – Alberta) welcomes with enthusiasm. The new legislation, known as Bill 9, coincides with the New Home Buyer Protection Act, introduced earlier this year, to provide 10-year warranty protection to single or multifamily home buyers.
“Now that the Condominium Property Amendment Act has been introduced in the Legislature we will begin a detailed review and we look forward to working with Service Alberta Minister Stephen Khan to ensure the legislation meets the need of home buyers,” says Jim Rivait, CEO of CHBA – Alberta.
According to the CHBA – Alberta, multifamily home construction will exceed that of single family homes in 2014. In the Calgary region, multifamily developers and builders are reaching record-breaking levels of construction. With demand showing no signs of slowing and condominiums offering affordable options to young families and individuals from a variety of income levels, the CHBA – Alberta believes the new legislation to be of lasting importance.
“Home builders have seen a dramatic shift towards multi-family homes as an affordable option for young families and a lifestyle friendly choice for all ages,” says Tally Hutchinson, CHBA – Alberta President. “Fostering a vibrant and affordable condominium market is important to the quality of life of Albertans and the province’s ability to attract newcomers.”
The Condominium Property Amendment Act was passed in the legislature on Dec. 10. Proposed changes:
- improve protection for purchasers;
- improve protection for existing owners;
- enhance board transparency and accountability;
- allow for efficient governance;
- raise standards in Alberta’s condominium management sector; and
- enhance dispute resolution.