This week the Government of Ontario introduced the Protecting Condominium Owners Act, 2015. The proposed legislation was informed by the government’s three phase consultation process that began in 2012 and by more than 2,200 consultation submissions from condo owners, developers and other stakeholders.
OREA engaged in the process by monitoring each stage of the review. OREA advocated for ensuring condo affordability, enhancing consumer protection and the licensing of condo property managers.
If passed, the legislation will:
- Protect consumers from unexpected costs after buying a newly built condo;
- Create a Condominium Authority for quicker and less expensive dispute resolutions;
- Introduce stronger financial management rules for condo corporations;
- Mandate better governance requirements for condo boards;
- Require the licensing of condo property managers.
For more information please visit Ontario Increasing Protections for Condo Owners.