Did you know that over one million people live in condominiums in Ontario and that about 50% of all new home sales in Ontario are condominiums?
Ontario is taking steps to modernize the Condominium Act, 1998, so it reflects the current and future needs of owners, residents and other stakeholders in the condominium community.
In an effort to respond to a booming and evolving industry, Ontario will launch a public consultation to identify a comprehensive set of issues, and long-term solutions relating to matters such as:
• consumer protection for buyers
• condominium finances and reserve fund management
• condominium board governance
• expertise/accreditation of condominium managers
• dispute resolution, for instance between condo boards and owners
The review will directly engage the entire condominium community, including owners, residents, developers and property managers. Members of the condominium community will have the opportunity to speak about their issues, hear the concerns of others and work together to develop solutions. Details of the public engagement process and information about how to participate will be announced this summer.
More details can be found on the Ministry of Consumer website.
It’s always a pleasure to meet new people and to assist them in meeting to their real estate goals. If you would like to schedule a buyer or seller consultation with me, please feel free to contact me anytime at 705-446-1762 or send me an email.
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