Condominium Property Amendment Act
Update - Fall 2015First phase of regulations Service Alberta is currently developing regulations to support amendments contained in the Condominium Property Amendment Act, which received Royal Assent in December 2014.
Proposals contained in the draft regulations are the first set of amendments the Government of Alberta intends to bring into force as part of a multi-phase implementation plan for the Condominium Property Amendment Act. This first phase of amendments focuses on new measures to protect buyers of new condominiums. They will benefit from enhanced purchase disclosure at the point of sale, including the date of occupancy, realistic operating budget and estimated condo fees.
Other enhancements include trust money safeguards and cancellation rights for certain long-term contracts entered into by the developer. New and existing condominium owners will also benefit from improved rules that ensure a smooth transition from the developer to the owner-elected board of directors.
Following the completion of the first phase of regulations, work will begin on subsequent phases:
Phase 2: Property repair and maintenance obligations, corporation governance, insurance and reserve funds
Phase 3: Proclamation of amendments to the Real Estate Act, designating the Real Estate Council of Alberta (RECA) as regulator of the condominium management sector, as well as amendments to real estate regulations to support RECA's new regulatory framework (see below for more information)
Phase 4: Creation of a condominium dispute tribunal
Condominium manager regulations - RECA consultationsRegulation of condominium managers is an integral part of enhancing the legislative framework governing condominiums and protecting consumers in Alberta. When amendments to the Condominium Property Act take effect, the Real Estate Council of Alberta (RECA) will be responsible for setting standards, licensing and regulating individuals who provide condominium management services.
RECA has released a consultation paper and is hosting town-hall meetings across Alberta from September to December 2015 to gather feedback from condominium owners and industry stakeholders. RECA’s consultation paper, which details the proposed regulatory model for condominium managers, will be open for public input until December 9, 2015.
For more information on the condominium manager regulatory development, to provide your input or to see a list of town-hall meeting locations and dates, please visit: https://www.reca.ca/consumers/standards/condominium-manager-regulation.html
Passage and Royal AssentOn December 10, 2014, the Condominium Property Amendment Act was passed in the legislature.
This new legislation is the result of an extensive review focused on modernizing Alberta’s condominium laws and setting a framework that supports responsible self-governance of condominium corporations.
The changes to the Condominium Property Act will:
- 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.
Click here for additional details on the Condominium Property Amendment Act.
Consulting with AlbertansService Alberta has been committed to ensuring that changes to condominium legislation and regulations reflect the input of Albertans.
Click here for a summary of the consultation process for the Condominium Property Amendment Act.