July 25, 2017 9:22 am

New rules for condos in Ontario to take effect this fall

Fri, Oct 14: Real estate consulting firm Urbanation says the price for condos jumped almost ten per cent in the third quarter of this year. Peter Kim reports.

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TORONTO – New protections for condo owners and rules for managers and directors in Ontario are taking effect this fall.

Government and Consumer Services Minister Tracy MacCharles says more than one in 10 people in the province live in a condo and more than half of the new homes under construction are condos.

Starting this fall, new rules will make it easier for condo owners to participate in owners’ meetings and will make it easier for them to access records of their condo corporation.

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Directors will have to disclose whether they are owners or occupiers of units in the building or if they have interests in contracts involving the corporation, which MacCharles says will improve governance and address conflicts of interest.

Directors will also have to undergo training and there will be mandatory education requirements for condo managers applying for a general licence.

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Two new administrative bodies will launch this fall – the Condominium Authority of Ontario will provide education about condo owner rights and responsibilities and will manage the tribunal that resolves disputes about access to records, and the Condominium Management Regulatory Authority of Ontario will regulate and licence condo managers.

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© 2017 The Canadian Press

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