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Province announces new rules for purchasing condos
Victoria Formanski, CTV Edmonton
Published Thursday, October 12, 2017 6:41PM MDT
Last Updated Thursday, October 12, 2017 7:50PM MDT
The Alberta Government has announced new rules meant to protect condominium buyers in the province.
Service Alberta held public consultations across the province with condo developers and owners to create new rules for the Condominium Property Amendment Act.
“This is an important milestone in the modernization of the condominium legislation in Alberta,” Terry Gibson, from Condo Owners Forum of Alberta explained. “The previous legislation was passed in the year 2000.”
The province said protecting buyer investments is the main focus of the act. Changes include:
- A move-in date is required from developers, failure to meet it would mean owners have the option to renegotiate or cancel their contract and regain their deposit
- Providing more information to the buyer to help them make a more informed decision when purchasing their home
- Realistic condo fees are mandatory; if the estimate is off by more than 15 percent, developers must cover the difference for the first year
Service Alberta Minister Stephanie McLean knows how important this is for Alberta.
“I definitely had some individuals that were in tears telling me about how they had lost everything,” she said.
There are approximately 440,000 condos in the province; about a fifth of Albertans reside in them.
The majority of the new regulations will begin January 1, 2018. More changes to the act are expected to be released later in the New Year.
With files from Amanda Anderson