New bill is a win for consumers and the real estate industry
Calgary, Dec. 11, 2014 – CREB® supports the provincial government in tabling the Condominium Property Amendment Act this week and bringing over 50 amendments for enhanced consumer protection and stronger governance within the condominium industry. In particular, the new Act will regulate a disclosure of information related to the sale and governance of condominium units.
“Information is power, and these changes will empower consumers and REALTORS® to make more informed purchasing decisions,” said Bill Kirk, CREB® president. “In a particular, it will create clarity around reserve funds and special assessments, and reduce those surprises for consumers on things like special levies.”
The amendments include the creation of a condominium tribunal, that reduces the time and costs associated with dispute resolution between condo owners and corporations. As well, there will be increased regulation of the industry with the introduction of licensing requirements for condominium managers by the Real Estate Council of Alberta.
As a stakeholder in industry consultations, CREB® is pleased to see its members’ concerns addressed in the amendments. The Act is a positive direction towards the modernization of condominium legislation and reflects the changes to the industry since the Condominium Property Act was first introduced in 2000.
“Thanks to the input of owners, their associations and over 4,000 Albertans, Bill 9 makes intelligent and purposeful changes to protect current and future condo owners, brings consistency for condo developers and provides structure and stability to governance for condo boards,” said Stephen Khan, Minister of Service Alberta. “We followed the leadership of Albertans to develop legislation, and will continue to work with them to implement it.”
Service Alberta indicates most of the regulations from the Bill will be implemented over the next year. CREB® looks forward to the implementation of the amendments and continuing to serve as advocates on issues that affect its members.
There are over 320,000 condominium owners in the province and condominium sales account for approximately 20 percent of residential sales annual.