January 15th 2016- Ontario has been revising for a long time its 1998 Condominium Act (Condominium Act). Its new version adopted December 2nd 2015, designated the “2015 Protecting Condominium Owners Act “has significantly reinforced the measures of protection applicable to condo associations”.
These measures include, in particular, the creation of a new "condominium authority." This will allow not only for the quicker resolution of disputes between co-owners, but also lower costs compared to disputes that go to court.
The new Act also provides "tough financial management rules” enforceable upon condo associations, to "help prevent substandard financial and organizational management."
In this regard, the "governance requirements" are to be revised upwards, through mandatory training for condominium administrators. Another measure was on the wish list in Ontario, the training and compulsory licensing of condominium managers.
"This is a milestone for Ontario. We establish a solid base allowing us to develop more incisive regulations. These will improve the functioning of condominium associations in that province in order to ensure better protection.
According to David Orazietti, the Ontario Minister of Government and Consumer Services, the new law "will benefit 1.3 million people living in condominium in this province."
