Real Estate News
A highly noteworthy and modern piece of legislation known as The Condominium Property Amendment Act (CPAA) will officially go into affect as of January 18th, 2018. It was initially passed in December 2014, but has undergone a period of consultation (open as well to the public until November 10t of this month).
It is described as having the intended purpose of supporting “responsible self-governance of vibrant condominium communities and to protect owners of condominiums.”
The following excerpts can be found at:https://www.alberta.ca/condominium-consultation.aspx, as they relate to the three summarized phases of their plans.
Phase 1 focused on new protections for buyers of newly-built and conversion condominiums. Albertans were consulted in 2015 on:
- better purchase disclosures at the point-of-sale, including occupancy date for their unit
- realistic operating budget and estimated condo fees
- trust money safeguards
- cancellation rights for certain long term contracts entered into by the developer
Phase II addresses how condo boards govern themselves, including:
- insurance requirements
- voting procedures
- reserve fund plans
Phase III will establish a condominium dispute tribunal that is intended to be an affordable and efficient forum to resolve condo disputes between condo boards, owners, occupants, and other interested parties. Once available, it will provide a lower-cost alternative to the courts for condo owners.
More detailed information can also be found at: https://www.alberta.ca/release.cfm?xID=48750B0ABE17D-9966-6836-51C687E3FCFF9BF0. This is a must read for those who own, or seek to own a condominium unit(s). It is an empowering piece of legislation which will only aid and protect the best interests of condo owners and their associated partners/stakeholders.