We now have more information about the proposed fees for condominium managers under the Condominium Management Services Act (CMSA). The fees are intended to fund the Condominium Management Regulatory Authority of Ontario (CMRAO), which is the not-for-profit corporation that will be designated as the administrative authority for the CMSA on November 1, 2017.
The proposed fees are:
|Transitional General License
|Condominium Management Firm License
||$799.00 plus $350.00 for every licensed manager employed by the firm.
You have until August 10, 2017, to provide feedback. Visit the CMRAO’s website to take the survey and provide your feedback: http://www.cmrao.ca/
The proposed fees seemed high to me when you factored in the fee charged to the management company for each licensed employee so I looked at a few other professions (i.e. accountants, doctors, engineers, and real estate brokers) to see how their annual fees compared. The range was $300 to $1100 with engineers and brokers closer to the low end and doctors and accountants at the high end. [For those interested, lawyers pay over $2,100.00 per year for our licenses plus a few thousand dollars (at least) for mandatory insurance].
On top of the annual fees, there will likely be extra fees for mandatory educational courses and exams required for managers to obtain and retain their licenses. I suspect that the fees will be similar to those paid by other professionals as well, but we will have to wait and see.
Unless you’ve been living under a rock, you’ve heard that the government has created significant changes to the condominium landscape in Ontario. One of the biggest changes is that property managers will require licences to provide condominium management services in Ontario. The regulation of property managers is designed to weed out the bad apples, which have received most of the publicity in recent years. It is rare for an article to be published that praises the hard work and dedication most managers show to their clients.
Today’s post will provide an introduction to the key changes to the condominium management industry in Ontario.
Unless you’ve been on vacation for the past week or so, you probably know that the Ontario government released the first draft regulation made under the Condominium Management Services Act (CMSA). The draft regulation focuses on the licensing of managers, which the Ontario government has suggested is one of its top priorities. The Act and regulations are not yet in force, but those in the know indicate that they will be phased in over the next few years.
The Ontario government released the regulations in draft format to give stakeholders an opportunity for input before the regulations are finalized. The goal is to have the final version in force on July 1, 2017. In addition, other regulations are expected to be released early this year. To review the regulations and provide feedback visit the Ontario government website: http://www.ontariocanada.com/registry/view.do?postingId=23342&language=en Continue reading