The Condominium Property Amendment Act tabled by the provincial government in Alberta will benefit both consumers and the industry.
The Condominium Property Amendment Act tabled by the provincial government in Alberta will benefit both consumers and the industry. That’s the view of the Calgary Real Estate Board which highlights greater consumer protection and clear, accurate information among the improvements. Bill Kirk, CREB president says: “Information is power, and these changes will empower consumers and realtors to make more informed purchasing decisions. In particular it will create clarity around reserve funds and special assessments and reduce those surprises for consumers on things like special levies.” The amendments include the creation of a condominium tribunal, that reduces the time and costs associated with dispute resolution between condo owners and corporations. As well, there will be increased regulation of the industry with the introduction of licensing requirements for condominium managers by the Real Estate Council of Alberta.
