In a release from the Alberta Government, condo owners will soon have more protection with the introduction of Bill 13: The Condominium Property Amendment Act.
“Buying a condo is an affordable option for Albertans entering the housing market and is often their first real estate experience,” said Doug Griffiths, minister of Service Alberta. “After careful review and discussion with stakeholders and Albertans, our government will update the Condominium Property Act to make it easier for owners and builders to understand their responsibilities on the sale of condos.”
More than 50 amendements to the Condominium Property Act were tabled in the legislature including the creation of a new condominium dispute tribunal; improved disclosure of financial and other necessary information to buyers of new and converted condos; updates to qualifications and standards of practice for condo managers and improved governance for condo corporations.
“These amendments help address the current and future needs of our growing and evolving condominium industry,” said June A. Donaldson, co-founder, Alberta Condominium Owners Association. “They will help to ensure best practices for condominium boards and management companies, level the playing field among developers and protect the rights and property values of purchasers and owners.”
Read more in next week’s issue of the CREBNow real estate news.