The Ontario Condo Act is currently in the final phases of being reviewed to see what updates and changes are needed. With the proliferation of condos, many problems have been identified and must be addressed in revised legislation to protect consumers. The Ministry of Consumer Services has undertaken a review and the public input window closes soon, with new legislation expected in 2014.
Some of the problems addressed by participants in the review include:
-governance issues such as inexperienced directors or those who abuse the position, how to ensure bylaws are enforced
-property manager qualifications
-financial management, particularly the inadequacy of most reserve funds
-problems with renters and investor owners and other “disengaged ownership” issues
-developer/builder disclosure issues on sale of new condos
-dispute resolution issues and the problems associated with a shared ownership community
There is an excellent 3rd party website which should be considered a “must read” for any condo owner or prospective owner at: http://www.condoinformation.ca/ . This very comprehensive site provides an in depth look at the issues condo owners face and is a real primer and up to date explanation of the issues and needed changes in the upcoming legislation.
After reviewing this website, one can then see the Ministry review process and recommendations to date at: http://www.sse.gov.on.ca/mcs/en/Pages/condo_rev.aspx
The window is still open for public input on the current report stage until March 11, 2013.
With over 1.5M Ontarians living in condos, this review is very critical, as it will shape the legislation and management of condos for the next decade or more. Owners are urged to make their voice heard and buyers are encouraged to research and contemplate all the facts reported by existing condo owners.
The complexities of condo ownership and daily living should not be taken lightly and we are happy to help you assess these in light of your own requirements.
Gord McCormick, Broker of Record
Dawn Davey, Broker
Oasis Realty Brokerage