New pro­tec­tive condo rules com­ing in 2018

Metro Canada (Edmonton) - - Ed­mon­ton -

Al­berta plans to roll out new rules next year that aim to bet­ter pro­tect the own­ers and buy­ers of con­do­mini­ums.

The changes will re­quire de­vel­op­ers to pro­vide re­al­is­tic es­ti­mates of condo fees, firm move-in dates and hold buyer de­posits in trust while units are be­ing built.

The Con­do­minium Prop­erty Amend­ment Act also gives the gov­ern­ment more power to in­ves­ti­gate de­vel­op­ers and im­pose fines if rules are bro­ken.

Some of the leg­is­la­tion goes into ef­fect in Jan­uary and the rest in April. Stephanie McLean, min­is­ter of Ser­vice Al­berta, says these changes are just the first steps at im­prov­ing con­sumer con­fi­dence in Al­berta’s condo mar­ket. She says the gov­ern­ment wants to hear from peo­ple on a sec­ond set of rules that are be­ing de­vel­oped aimed at im­prov­ing condo liv­ing.

“Al­ber­tans de­serve to be pro­tected when mak­ing a big pur­chase like a home or in­vest­ment prop­erty,’’ she said Thurs­day in a re­lease. “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.’’

The gov­ern­ment is urg­ing peo­ple to com­plete an on­line sur­vey on is­sues such as the rules for rent­ing a condo, how re­serve funds are man­aged and who should pay to re­pair units and for in­surance.

The pre­vi­ous Pro­gres­sive Con­ser­va­tive gov­ern­ment passed the leg­is­la­tion in 2014, but of­fi­cials needed time to work on more than 50 changes as part of the re­forms.

al­ber­tans de­serve to be pro­tected when mak­ing a big pur­chase like a home. Stephanie Mclean

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