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By Toronto Real Estate Board

The provincial government has announced today that it is moving forward with recent changes to the Condominium Act to provide increased consumer protection for condo owners and residents. TREB welcomes this announcement as we were part of the consultation process, advocated for, and supported several of these changes.

The Minister of Government and Consumer Services announced that the following new protections for condo communities will take effect this fall:

  • Regular mandatory updates about the condo corporation to help improve communication between boards and owners
  • Improving condo corporation governance and addressing conflicts of interest by introducing new disclosure requirements for directors, including whether they are not owners or occupiers of units in the condo or if they have interests in contracts involving the corporation
  • Mandatory training for condo directors to improve how condos are managed and operated
  • Clearer rules to make it easier for condo owners to access records of their condo corporation
  • New notices, quorum and voting rules to make it easier for owners to participate in owners’ meetings
  • Mandatory education requirements for condo managers applying for a general licence.

The government will also designate two new administrative authorities:

  • The Condominium Authority of Ontario (CAO), when designated on September 1, 2017 will provide education and promote awareness of condo owner rights and responsibilities, as well as provide important information for condo corporations. On November 1, 2017 it will also be responsible for managing the Condominium Authority Tribunal which will resolve disputes about access to condo records. Going forward, Ontario will consult with the public to identify other disputes the Tribunal could resolve.
  • The Condominium Management Regulatory Authority of Ontario (CMRAO), when designated on November 1, 2017 will regulate and license condo managers and providers.

For the Ontario Government’s full news release click here: http://ift.tt/2uWlvsw

The post New Condo Act Rules Moving Forward appeared first on TREB Wire.

Courtesy of the Toronto Real Estate Board. TREB Wire http://ift.tt/2tA439X

patty

I'm a REALTOR® with extensive experience serving buyers and sellers in the Greater Toronto Area. Visit my website http://pattyhomes.ca for helpful resources to guide your home-buying or home-selling process. Feel free to get in touch with me today at 416-878-2007.

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