Condominium Property Act Regulations
Condominium ownership is a complex transaction that involves more due diligence than single family ownership. However, condominium documents are often unavailable when units change hands, leaving buyers and sellers to make decisions related to a purchase or sale of a unit without necessarily having complete information. Even when condominium documents are provided, they are often outdated, incorrect and/or incomplete, leaving both consumers and Alberta REALTORS® vulnerable to liability.
Condominium documents are also often extremely costly and difficult to access. While the current legislation prescribes certain actions, it does not provide for policing of those requirements, nor is there an effective remedy to encourage compliance.
Bill 9, the Condominium Property Amendment Act
, which passed in December 2014 and is now awaiting proclamation, provides a strong framework to resolve many issues. Others can be solved through the Act's supporting regulations. Alberta REALTORS® want to ensure governments have the information and facts they need to develop and implement responsible condominium regulations that protect consumers and remove barriers to condominium ownership.
Alberta REALTOR® Position:
Alberta REALTORS® believe the Condominium Property Act
and supporting regulations should provide consumers:
Access to complete information on the condominium at transaction time;
Elimination of additional fees for the provision of condominium documents; and
Strong compliance and enforcement protocols to enhance consumer protection, including affordable, effective alternative mechanisms to the courts for handling disputes/remedies.
What AREA Advocacy is Doing:
AREA and our members appreciated the opportunities provided to date to consult with Service Alberta, and welcome further opportunity to work proactively and cooperatively with the provincial government and other stakeholders to address these issues in a manner that protects the public's interests.
AREA Advocacy participated in a consultation meeting with Service Alberta in May 2015 in regards to the Condominium Property Act
regulations. Specifically, AREA was listed as a stakeholder on the following topics:
Additional Purchase Disclosure – Additional information or documents to be provided to purchasers (e.g. developer contract info, contact and warranty info for subcontractors or trades, description of condo type).
Material Change – Notice of material change, purchaser remedies, process and timelines.
Following this meeting, AREA made a formal submission to Service Alberta, outlining our position on these issues and others, which can be read below.
Have questions about our work on the Condominium Property Act
Regulations or AREA’s positions? Want to become involved in our efforts?