CANADA – Alberta Government proposing 50 changes to Alberta’s condo property law
The Alberta government has unveiled an overhaul of its condominium law, but a condo-owners advocate says it doesn’t go far enough to protect consumers.
Bill 9, the Condominium Property Amendment Act tabled in the legislature Monday, proposes 50 changes to the condominium property law to help buyers.
Some of the key amendments:
• Improve consumer protection with broader information disclosure to buyers, including home warranty information, occupancy dates and notice of changes to the purchase agreement.
• Developers must deposit buyers’ deposits with an authorized trustee, pay their fair share of condo fees for unsold units and have a professional building assessment on buildings converted to condos.
• Improve board governance with clear voting procedures, required notice of annual general meetings, owners’ meetings to replace board members and notice of insurance changes.
• Delegate authority to the Real Estate Council of Alberta to regulate and set standards for condo managers. Read more: