Reminder: Feedback on Future Amendments to Act Due August 14, 2020

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As you may have heard by now, the Ontario government is looking for feedback on its latest proposals for future amendments to the Condominium Act, 1998. Specifically, it appears that the government is planning to move forward with implementing a “Condo Guide” that would explain, in plain language, basic information for purchasers of new condominiums on such important matters such as the rights and responsibilities of owners, occupiers, and directors. The guide would be prepared by the Condominium Authority of Ontario (CAO) and developers would be required to provide a copy of the Condo Guide to purchasers with other disclosure documents.

Interestingly, the CAO has already developed a Condo Buyer’s Guide, which is available on its website: https://www.condoauthorityontario.ca/resources/condo-buyers-guide.pdf That said, the proposed table of contents suggests that the new Condo Guide will be more comprehensive, including topics such as purchasing a unit (new and resale), moving into a pre-construction condominium, condominium living, troubleshooting, and a glossary of key terms.

The government intends to implement the changes on December 1, 2020. Comments are due by August 14, 2020. Comments can be made on the government website at: https://www.ontariocanada.com/registry/view.do?postingId=33587&language=en

 

How to Calculate the First Year Budget Deficit

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Unfortunately, many budget statements are grossly inadequate, which leads to significant deficits in the first year and sharp increases in fees in subsequent years. The fees are kept unreasonably low and/or expenses are estimated at unrealistic amounts to make it seem like a better purchase than it really is. Luckily for condominiums and owners, there is a remedy available to them.  Continue reading