The Alberta government announced yesterday the first set of changes under the regulations to the Condominium Property Amendment Act, which changes will come into force on January 1, 2018, while the enhanced disclosure rules will apply to new condominium sales agreements signed on or after April 1, 2018.
However, the changes do not end there! The next stage will address condo board governance, for which consultation is now ongoing. There is a public survey which can be completed at: https://extranet.gov.ab.ca/opinio6/s?s=37639
On October 12, government announced the first stage of changes that will better protect Albertans when buying a condo including:
More information is disclosed to buyers at the time of purchase, such as a proposed budget and a date that the condominium will be provided to the buyer.
Remedies are in place if the occupancy date is delayed or if changes that negatively affect the value of the condo were made during construction.
Purchasers’ deposits are better protected by requiring developers hold these funds in trust with a lawyer.
Government can inspect condo developers to make sure they are handling trust money properly and giving buyers the proper disclosure.
New penalties are in place for developers who do not follow the rules.
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