Condominium Property Amendment Act
Spring 2017 Update
Your government is committed to making everyday life better for your and your family. We understand the need for clear and modern legislation to support responsible self-governance of vibrant condominium communities and to protect owners of condominiums.
The Condominium Property Amendment Act (CPAA) was passed by the Alberta Legislature in December 2014; however, the regulatory work required to bring more than 60 amendments into force is ongoing. We recognize this has been a lengthy process, but nearly one-quarter of all homes now sold in Alberta are condominiums. It’s important we get this legislation right for the hundreds of thousands of current and future Alberta condo owners.
We intend to proclaim the amendments and supporting regulations in two phases.
The first phase focuses on new protections for buyers of newly-built and conversion condominiums. This includes:
- Better purchase disclosures at the point-of-sale, including an occupancy date for their unit.
- Realistic operating budget and estimated condo fees.
- Trust money safeguards.
- Cancellation rights for certain long term contracts entered into by the developer.
New and existing condo owners will also benefit from improved rules for a smooth transition from the developer to the owner-elected board of directors.
We expect to bring forward these changes this year. Thank you to the many condo owners, boards, and developers who worked with Service Alberta to provide input into these amendments.
The second phase will address how condo boards govern themselves, including insurance requirements, voting procedures, and reserve fund plans. We look forward to opening the public consultation on these topics in 2017.
We have heard loud and clear that an accessible dispute resolution process is essential to condo living. The tribunal is intended to be an affordable and efficient forum to resolve condo disputes between condo boards, owners, occupants, and other interested parties. Once available, it will provide a lower-cost alternative to the courts for condo owners. We are working diligently to put this in place as soon as possible.
Finally, condominium managers in Alberta will be licensed and regulated by the Real Estate Council of Alberta.
Our work to modernize Alberta’s condo laws is only possible with your thoughtful input and participation.
Click here for additional details on the Condominium Property Amendment Act.
Click here to download the Condominium Property Amendment Act.
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