Ontario is proposing new legislation to increase protections for condominium owners.
The Protecting Condominium Owners Act is also designed to improve how condo corporations are run, and ensure that condo boards are governed professionally.
The proposed act marks the first major overhaul of the province’s condominium laws in more than 16 years. It is based on more than 2,200 consultation submissions from condo owners, developers, managers and industry experts during a public review of the Condominium Act.
If passed, the proposed legislation would establish clearer, more comprehensive rules to prevent owners from being surprised by unexpected costs after buying a newly-built condo and would establish a new Condominium Authority to provide quicker, lower-cost dispute resolution and help prevent common disputes.
Moreover, the act would offer strong financial management rules for condo corporations to help prevent financial and organizational mismanagement and would provide better governance requirements for condo boards, including training for condo directors. The act will also establish mandatory licensing and education requirements for condominium managers.