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New bill is a win for consumers and the real estate industry

CREB® supports   Condominium Property Amendment Act

New bill is a win for consumers and the   real estate industry

  CREB® supports the provincial government in tabling the Condominium Property   Amendment Act this week and bringing over 50 amendments for enhanced consumer   protection and stronger governance within the condominium industry. In   particular, the new Act will regulate a disclosure of information related to   the sale and governance of condominium units.

“Information   is power, and these changes will empower consumers and REALTORS® to make more   informed purchasing decisions,” said Bill Kirk, CREB® president. “In a particular,   it will create clarity around reserve funds and special assessments, and   reduce those surprises for consumers on things like special levies.”

The   amendments include the creation of a condominium tribunal, that reduces the   time and costs associated with dispute resolution between condo owners and   corporations. As well, there will be increased regulation of the industry   with the introduction of licensing requirements for condominium managers by   the Real Estate Council of Alberta.  

As   a stakeholder in industry consultations, CREB® is pleased to see its members’   concerns addressed in the amendments. The Act is a positive direction towards   the modernization of condominium legislation and reflects the changes to the   industry since the Condominium Property Act was first introduced in   2000. 

“Thanks   to the input of owners, their associations and over 4,000 Albertans, Bill 9   makes intelligent and purposeful changes to protect current and future condo   owners, brings consistency for condo developers and provides structure and   stability to governance for condo boards,” said Stephen Khan, Minister of   Service Alberta. “We followed the leadership of Albertans to develop   legislation, and will continue to work with them to implement it.”

Service   Alberta indicates most of the regulations from the Bill will be implemented   over the next year. CREB® looks forward to the implementation of the   amendments and continuing to serve as advocates on issues that affect its   members.

There   are over 320,000 condominium owners in the province and condominium sales   account for approximately 20 percent of residential sales annual.