As part of its review of the Condominium Act, 1998 (the Act), the Ontario government announced its intentions to introduce mandatory qualifications for condominium managers. Currently, these managers are not required to have training or an understanding of the Act, by-laws and rules, finances, building maintenance or the contracting out of services.
The review is expected to produce recommendations on what mandatory qualifications for condominium managers should be and how these managers should be licensed and regulated.
OREA is actively engaged in the consultation process by monitoring the developments on each stage of the review and making submissions.
In its latest submission to the Minister of Consumer Services, OREA focused on such issues as affordability, enhanced protection of home buyers and home owners and the need for regulation and licensing of condominium property managers.
Today, condominiums represent half of all new homes built and over one million Ontarians live in this type of housing.
Changes to the Act might include steps that could influence condominium affordability, governance structure, dispute resolutions process, financial management and consumer protection, which in turn might influence consumers’ decisions to buy or sell. Thus, it is important for REALTORS® to stay informed about the changes to the Act in order to serve their clients better.