REGINA – Significant changes to Saskatchewan’s condo laws took effect this month, with more to follow next year.
New regulations in the Condominium Property Act address condo conversions, insurance, as well as regular audits for condo boards. Additionally, two-thirds of ownership is now required to pass a resolution.
Marc Kelly, a partner at Kanuka Thuringer LLP in Regina, said more emphasis is being put on developers with consumer protection in mind.
“So for example, in a converted condo, so an old apartment building they’ve converted into a condo space, they now have to do something called a reserve fund study so that people know what the state of the building is that they’re buying into,” said Kelly.
“Before there was a concern that if there was an old apartment building and they slapped some paint on to it, they were buying something that had a lot of repairs coming and they didn’t realize that.”
Meanwhile, condo boards are being encouraged to familiarize themselves with the amendments and to seek professional guidance where there is confusion.
“It’s pretty in depth. There are four categories that the government kind of decided on and there are some major changes to bylaws that will be required,” said Gerry Cairns, president of the Canadian Condominium Institute south Saskatchewan chapter.
“The best thing to do is get as much education as they can on it, consult a lawyer, or attend our seminars.”
The chapter will begin offering seminars in September.