Calgary Luxury Condo Legislations Are Changing

If you're planning on buying a luxury condo in the near future you're going to be better protected. The Condominium Property Amendment Act will add 50 amendments to the current legislation to bring it up to date. This follows 18 months of consulting with stakeholder groups to isolate the key changes that needed to be made.

These changes will apply to all types of condos including luxury condominiums in Alberta. Home buyers will be better protected with more disclosures including information on new home warranties and a notice about any changes that are made to the purchase agreement. If you're planning on buying a new condo, the developer will now have to place the cash deposit into an account with an authorized trustee.

Overall, builders and developers will have more responsibilities in terms of condominium management. As for buyers that are purchasing a condo in an existing building, they will be better protected with a dispute resolution tribunal that will be set up. In the past, condominium owners had only the court system to deal with when major problems with the condo association could not be worked out.

Due to the heavy costs associated with going to court and the lengthy timeframe of working things out legally, many condo owners could not resolve their problems. Once the tribunal is set up, resolutions will be worked out swiftly without heavy cost to either party.

Condo managers will also be regulated under Bill 9. All of the 50 amendments will be implemented during the upcoming 12 months by the provincial government. The Real Estate Council of Alberta will be in charge of setting the standards for and regulating condo managers. At this time, condo managers represent more than 8,000 Alberta condo corporations.