Saturday, October 13, 2012

Condominium Act Reforms Ontario 2012

The Etobicoke Condo Market has exploded with seemingly a crane on each major intersection. Buyers purchase, Banks Finance and people carry on with their lives. Once you buy into the condo, you park your car, use the gym and pool, cross the hallway and lock the door.  You are part owner in an often multi million dollar building and need to understand whats happening to the repair maintenance and upkeep of your home.

The Condominium Act does need to be standardized, each building has different Declarations, Rules and Regulations.  Condo Boards acting in good faith enforce the Rules they have been handed only to be struck down in Superior Court because of legalese or crafty wording.

Condo Boards need to be responsible for their decisions and obedient to the LAW. This is especially painful when Boards waiver to "SAVE" and not start the path of 20% contribution to their Reserve Fund and find themselves short of money in year 8 or 10 for a major repair by permitting lower maintenance fees.


Ontario is taking steps to modernize the Condominium Act, 1998, so it reflects the current and future needs of owners, residents and other stakeholders in the condominium community.
In an effort to respond to a booming and evolving industry, Ontario will launch a public consultation to identify a comprehensive set of issues, and long-term solutions relating to matters such as:
  • consumer protection for buyers
  • condominium finances and reserve fund management
  • condominium board governance
  • expertise/accreditation of condominium managers
  • dispute resolution, for instance between condo boards and owners
The review will directly engage the entire condominium community, including owners, residents, developers and property managers.  Members of the condominium community will have the opportunity to speak about their issues, hear the concerns of others and work together to develop solutions.  Details of the public engagement process and information about how to participate will be announced this summer.
Strengthening the Condominium Act is part of the McGuinty government's plan to ensure a fair marketplace for Ontario families.

QUICK FACTS

  • Over one million people live in condominiums in Ontario.
  • There are about 525,000 condominium units in Ontario.
  • Toronto had the fastest growing high-rise condo market in North America in 2011.
  • About 50% of new home sales in Ontario are condominiums; 60% of homes sold in the GTA.

LEARN MORE


Should things be left alone?
Should Condo Buildings be Regulated?

Have your say....

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1 comment:

  1. The Toronto real estate market is among the most popular in Canada. Whether investing in a stylish downtown condo, luxury apartment or residential home, the Toronto real estate market has something for everyone.

    Toronto Condo Investment

    ReplyDelete