Province making moves to protect condo buyers
Albertans shopping for condos will soon have greater legal protection.
The provincial government is changing regulations that would place more onus on developers to be clear about details of condominiums, and give homebuyers the option to back away from sales if those standards aren’t met.
“Albertans deserve to be protected when making a big purchase like a home or investment property,” said Stephanie MacLean, Minister of Service Alberta.
“Today, we have taken the first steps toward reassuring Albertans that their investments are properly looked after, so they can feel confident when investing in the condo market.”
Most of the rules will come into effect on Jan. 1 of 2018 although some will not be in place until April 1.
Once in place, Developers will have to give more realistic estimates of what condominium fees will be to prevent “fee shock,” and builders will have to stick by move-in dates, or else be ready to refund buyers’ deposits.
Jade Mahon of Partners Development Group said the changes will benefit builders and buyers,
“As consumers look to purchase homes, having rules that enhance their confidence and security will result in increased participation in the marketplace,” she said.
However, the Alberta Liberals took aim at the NDP for proclaiming several sections of the Condominium Property Act without releasing the draft regulations for public input.
“There are many unanswered questions,” said David Swann, MLA for Calgary-Mountain View. “The government needs to be upfront with Albertans and put everything it is planning on the table for discussion before moving ahead.”