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June 12, 2012
Building a Better Condominium Act
McGuinty Government to Launch Condo Review Consultation
Ontario is taking steps to modernize the Condominium Act, 1998, so it reflects the current and future needs of owners, residents and other stakeholders in the condominium community.
In an effort to respond to a booming and evolving industry, Ontario will launch a public consultation to identify a comprehensive set of issues, and long-term solutions relating to matters such as:
• consumer protection for buyers
• condominium finances and reserve fund management
• condominium board governance
• expertise/accreditation of condominium managers
• dispute resolution, for instance between condo boards and owners
The review will directly engage the entire condominium community, including owners, residents, developers and property managers. Members of the condominium community will have the opportunity to speak about their issues, hear the concerns of others and work together to develop solutions. Details of the public engagement process and information about how to participate will be announced this summer.
Strengthening the Condominium Act is part of the McGuinty government’s plan to ensure a fair marketplace for Ontario families.
“This promising and thorough engagement process will be a first for the North American condo market. It will ensure the diverse range of stakeholders, including over one million condo dwellers in Ontario, are involved in both identifying the issues and defining solutions that meet our needs today and in the future.”
— Margarett Best, Minister of Consumer Services
“As the association representing professionalism in this rapidly growing industry, ACMO is excited to be a part of a new consultative process for the review of the Condominium Act that includes all stakeholders. We look forward to working with the Government on changes that will provide consumers with important protections and ensure that Ontario remains the leader in the condominium industry in North America.”
— Dean McCabe, President, Association of Condominium Managers of Ontario (ACMO)
“The Canadian Condominium Institute – Toronto and Area Chapter is pleased that the Ontario government has officially announced the opening of the Condominium Act, 1998 for a complete review. We congratulate the government for approaching it in a new and innovative way which will allow those who are most affected by the legislation to help decide its future, and look forward to continuing to work with the government so the best legislation possible is created.”
— Bill Thompson, President, Canadian Condominium Institute (Toronto and Area Chapter)
§ Over one million people live in condominiums in Ontario.
§ There are about 525,000 condominium units in Ontario.
§ Toronto had the fastest growing high-rise condo market in North America in 2011.
§ About 50% of new home sales in Ontario are condominiums; 60% of homes sold in the GTA.
Read about Ontario’s condominium consultation.
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