Why is the new Condominium Property Act c-16.05 being introduced?
The new Condominium Property Act will make condominium development more in line with other Canadian jurisdictions. It will provide Condo Corporation directors and officers with better tools for managing the Corporation, such as increased transparency, mandatory reserve fund accounts, better financial reporting, and the requirement for reserve fund studies (for larger corporations). Additionally, a 10-day cooling-off period will help potential buyers better evaluate the documents and rules governing the condominium project they are about to become part of. ——— Top ——— Condominiums and their Ownership • What is a condominium? A condominium is a form of home ownership in which individual units of a larger complex are owned, not rented. Condo owners legally agree to share ownership and maintenance of the shared property, while individually owning their own units. These unit styles are often townhouses, apartment-style units and cottages, but can also be commercial spaces, wareh
The new Condominium Property Act will make Condominium development more in line with other Canadian jurisdictions. It will provide Condominium Corporation directors and officers with better tools for managing the Corporation, such as increased transparency, mandatory reserve fund accounts, better financial reporting, and the requirement for reserve fund studies (for larger corporations). Additionally, a 10-day cooling-off period will help potential buyers better evaluate the documents and rules governing the Condominium project they are about to become part of. ——— Top ——— Condominiums and their Ownership • What is a Condominium? A Condominium is a form of home ownership in which individual units of a larger complex are owned, not rented. Condominium owners legally agree to share ownership and maintenance of the shared property, while individually owning their own units. These unit styles are often townhouses, apartment-style units and cottages, but can also be commercial s
