Today the Ontario legislature passed Bill 106, the Protecting Condominium Owners Act, in its third and final reading.
In a news release, the provincial government said it intends to move quickly to fulfill the act’s core commitments. They include: to better protect buyers of new condos from unexpected costs, establish a Condominium Authority to more cheaply and quickly resolve disputes, improve condo governance with training for directors, strengthen rules to prevent financial mismanagement and introduce mandatory licensing and education requirements for condo managers.
“This is a significant milestone for Ontario — we are setting a solid foundation on which to build stronger regulations that will improve how condo corporations are run and increase protections for condominium owners,” Minister of Government and Consumer Services David Orazietti said in the news release. “This will ensure the sustainability of healthy condo communities across the province. I want to thank everyone who helped to drive this bill forward, which will benefit the 1.3 million Ontarians that live in condos.”
As it develops the regulations that will fill in the details of the legislation and implements the act, the government indicated that it will continue to consult members of the public and stakeholders.