New measures are in place to protect condominium owners in Alberta after the provincial government passed legislation earlier this month.
Bill 9, The Condominium Property Amendment Act, outlines 50 new amendments to the Condominium Property Act.
Minister of Service Alberta Stephen Khan said in a news release that the Alberta government were committed to looking ahead for condominium owners in the province of Alberta.
“We recognize that more Albertans than ever are choosing to live and invest in condominiums. They told us that our condominium laws needed to be upgraded and modernized. We listened.”
Vermilion-Lloydminster MLA Richard Starke said that while everyone isn’t happy with the final result of Bill 9, the changes made are needed to protect new condo owners in the province.
“We know that the Canadian Condominium Institute (CCI) said that the protections don’t go far enough to protect the owners of condominiums across the province,” he said, adding that the new protections are aimed at new condo owners and new condominiums in the province.
“This is an area that we have gotten into a lot of issues; new condominiums weren’t covered by the existing legislation.”
The proposed amendments are the result of extensive consultations held with stakeholders in the province since 2013.
Some of the changes to the legislation include creating a framework for a new condominium dispute tribunal and improving disclosure of financial and other necessary information to buyers of new and converted condominiums in the province.
“The legislation that Minister Khan, and Cathy Olson introduced … for people here in the Vermilion- Lloydminster riding, especially in areas where new condos are being built … the bill has real strength,” Starke said.
Starke said that for existing owners of condos in the province there are also some defining amendments that were passed to help them.
According to the Alberta government, there are currently 8,000 condominium corporations that are operating in Alberta.