Substantial Changes Forthcoming
Almost 4 years to the day the Condominium Property Amendment Act was passed in the Legislature we now have arguably the most significant portion of the Regulations finally updated. Service Alberta Minister Brian Malkinson made the announcement in Calgary this morning.
Some key areas being addressed include:
- Mandatory requirement to provide budgets, minutes, reserve plans, and other documents at no direct cost to owners. This will enhance transparency of Condominium Boards and keep owners informed
- Better qualifications for reserve study providers to ensure reserve studies are accurate
- Caps on costs to owners for condominium documents used in the sale of units
- More clarity on the ability and process to sanction owners by the Condominium Corporation
- More defined legislation for condominium insurance claims and increased coverage to protect corporations from potential financial mismanagement
Due to the significance of the upcoming changes the bulk of the Regulations will not come into effect until July 1, 2019 with other portions such as the insurance section and reserve fund study provider qualifications not into effect until January 1, 2020 to allow all affected parties ample time to prepare and adapt accordingly.
While applauding the bulk of the changes that have been introduced, President Anand Sharma mentioned in the CCI-NAB press release that “The increased professionalization of condominiums through greater processes, transparency, and documentation will inevitably cost a condominium corporation more, which will trickle down to increased condominium fees for condo owners.” “We will also be watching for unintended consequences which may include a significant administrative and regulatory burden on volunteer condominium boards, which we expect the Alberta Government to be responsive to.” For a full copy of the press release please click here.
Our Chapter will continue to take the lead in educating our local condominium community and will kick things off with a Legal Panel overview of the Regulation changes on the evening of Wednesday, January 30, 2019 at the Chateau Louis Conference Centre. Watch for an announcement early next week with the details.
In the meantime if you wish to review the new regulations please click here.
For additional information visit Service Alberta’s site: www.condo.alberta.ca