The CREB (Calgary Real Estate Board) is supporting the Alberta government in tabling the Condominium Property Amendment Act 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,” says Bill Kirk, CREB president. “In 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 to reduce the time and costs associated with dispute resolution between condo owners and corporations. There will also be increased regulation of the industry with the introduction of licensing requirements for condominium managers by the Real Estate Council of Alberta.
Most of the regulations from the bill will be implemented over the next year. There are more than 320,000 condominium owners in the province and condominium sales account for approximately 20 per cent of residential sales annually, CREB says.
