Condo Act review consumer input due by March 11th

Published 22 February 13 11:32 AM | Gord McCormick 

Condo Act Review: time is running out for consumer input

The Ontario Condominium Act is currently in the final phases of being reviewed to determine updates to the legislation and what changes are needed.  With the proliferation of condos, many
problems have been identified and must be addressed in revised legislation toprotect consumers.  The Ministry ofConsumer 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
613-435-4692
www.oasisrealtyottawa.com
oasisrealty@rogers.com 

Full Service...for less!



Comment Notification

Subscribe to this post's comments using RSS

Comments

No Comments

Leave a Comment

(required)
(optional)
(required)

This Blog

Tags

Syndication