If you own a Calgary condo unit, listen up! Jesse Davies Group has some BIG NEWS and BIG SAVINGS for you. It has been long overdue for the members of the Canadian Condominium Institute (CCI) to start regulating the way Condominiums are handled and sold in Alberta. Many of these changes include but are not limited to putting the onus of transparency on condo boards, adjusting how condo corporations can issue bylaw fines, how condo owners’ investments are protected, and how reserve funds are managed.
“This is huge for condo owners,” said Anand Sharma, who is president of the North Alberta chapter of the CCI. “We’ve been waiting for this regulatory change for 18 years. It was a big piece of legislation.”
Most of the new condominium property regulations take effect July 1, 2019, and the remainder on January 1, 2020. Here are the highlights:
- Fee caps on the prices that condo corporations charge owners, buyers, and mortgage companies for obtaining the condo documents needed to complete a purchase or sale.
- $100 max. for an estoppel certificate
- $10 max. for each document in section 20.57(1) of the Regulations – which includes the documents needed in AREA’s condo listing and purchase contracts
- If a document is attached to or forms part of another document, a fee can only be charged for 1 document
- If a 3-day (rush order) is requested, the corporation may charge up to $30 per document, provided that the document is provided within three days (excluding holidays)
- Owners may make copies of their documents and provide copies to others
- Clarifying what documents must be provided to owners, and when, for free.
- The minutes from all board meetings held since the last AGM (before or when the AGM notice is sent)
- The approved minutes, or draft minutes, of the AGM (within 30 days of AGM)
- A copy of the notice filed at land titles reflecting the current composition of the board (within 30 days of AGM)
- The results of a vote (within 30 days after the date on which votes must be received)
- A copy of the annual budget (at least 30 days before the start of the fiscal year)
- If revisions are made, a copy of the revised budget (as soon as possible)
- Additional changes on January 1, 2020:
- New rules around meetings, such as requiring more notice to attend general meetings and getting topics on the agenda
- Better voting rules so owners can participate more effectively in meetings
- Fairer processes for issuing bylaw fines
- Increased protections for condo owners’ investments
- Strengthening how reserve funds are managed (July 1, 2019/January 1, 2020)
- New requirements for insurance and rental deposits (January 1, 2010)
For more information, click here for the Government’s official announcement or here for the regulation changes.
When you are ready to sell your apartment or condo unit, consult with one of the top Calgary real estate teams, Jesse Davies Group. They will carefully walk you through each step and procedure. They will provide you with resources and other professionals to assist you through the condo buying or selling process.