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
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