On October 12th , Stephen Khan, Minister of Service Alberta said in a Press Release that “Albertans and their government all share a commitment to looking ahead as we improve our quality of life. 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.”
The Condominium Property Act was passed in 2014 by the previous PC government, but has not yet been proclaimed as officials needed time to work on more than 50 changes as part of the reforms.
The Canadian Condominium Institute reports:
On January 1, 2018 the first changes to the Condominium Property Amendment Act will become legislation, to better protect Albertans when buying a condominium has been announced and include:
• more disclosure to buyers at the time of purchase (proposed budget and date the condominium will be provided to the buyer)
• occupancy date delays or changes that that may negatively impact the value
• better protected purchaser deposits by having developers being required to hold money in trust by a lawyer
• inspection of condo developers to rules are being followed
• for developers who do not follow the rules, new penalties are in place.
On April 1, 2018, the disclosure rules and remedies will apply to sales agreements come into effect, permitting developers enough time to understand and be able to appropriately implement the new sales rules.
Until November 10th, the government is seeking public input through this online survey.
Please contact us if you have any questions about condominium laws.