The Government of Ontario has announced that it plans on introducing some changes to the Condominium act to make condos in Ontario run more smoothly.
According to the Government of Ontario press release, “Today, Ontario has about 700,000 condo units and 10,000 condo corporations. About 1.3 million Ontarians live in a condo and more than half of new homes under construction in the province are condos. Due to the vast growth and change in the condo sector, the Ministry of Government and Consumer Services reviewed the current Condominium Act using an innovative and collaborative public engagement process, receiving over 2,200 submissions from condo owners, developers, managers and industry experts.”
The new changes that the Government wants to implement are:
- Finding ways to strengthen the financial sustainability of condo buildings
- Improving how condominiums are run and managed
- Adding laws and increasing tools to increase consumer protection for condo owners and buyers
Ontario also wants to establish a delegated administrative authority to resolve disputes and a quick and efficient manner.
What do you think of the new Condo Act Reform?