Protecting Condominium Owners Act and Condominium Management Services Act were introduced today by the Province of Ontario to reform the existing condominium legislation. In summary, the new legislation is intended to address the following:
- Increased disclosure and restrictions to address increased or hidden costs after closing
- A new Condominium Authority for streamlined dispute resolution
- Increased financial management requirements for condo corporations
- Governance requirements for condo boards, including training
- Mandatory licensing and education requirements for condominium managers
Click here for a link to the official press release.
Click here for more information on the proposed legislation changes.
Stay tuned for more specific details as this comprehensive new legislation is rolled out.
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