Reminder: Feedback on Future Amendments Due Soon

feedback

As described in our post in February, the Ontario government is looking for feedback on its latest proposals for future amendments to the Condominium Act, 1998. Specifically, the government is looking for information on:

  • Changing the amount of interest that would be owed to a purchaser who makes deposits and other payments on a purchase into a pre-construction condo project, by the developer, if the condo project is cancelled and in other circumstances;
  • Requiring the CAO to develop a condo guide for buyers and require developers to provide it at the point of purchase;
  • Establishing guidelines or standards that will govern how condo corporations are to procure goods or services;
  • Clarifying how interim occupancy fees are handled by developers;
  • Establishing a process whereby condo corporations could add charges to an owner’s common expenses (condo fees), under certain circumstances;
  • Clarifying how contributions are made to reserve funds, the manner in which they can be used and how reserve fund studies can be conducted; and
  • Clarifying the processes for mediation or arbitration between corporations and owners.

These topics may not be important to you, but they should be. These topics could have significant financial implications for your condo (and you). You only have until March 10, 2020 to submit your comments. To have your say,  visit the Ontario website and provide your feedback online: https://www.ontariocanada.com/registry/view.do?postingId=31627&language=en