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The Ontario government has announced it is planning to review the rules which regulate the condominium market, industry and community. The Condominium Act, 1998, has seen numerous challenges as high-rise growth in Ontario, especially the GTA, have intensified tremendously over the past few years.
The provincial government will begin the process of modernizing the Condominium Act with a public consultation process. These consultations will aim to identify some possible solutions relating to priority issues such as consumer protection for buyers, condominium finances and reserve fund management, condominium board governance, expertise and accreditation of condominium managers, and dispute resolution (ie. between condo boards and owners).
The government has not announced when this public consultation process would begin, but did say that more information would be available later in the summer.
News of the government's review of Ontario condominium legislation has coincided with the second reading approval of MPP Rosario Marchese's (Trinity-Spadina, NDP) proposed legislation to create a condo review board. That legislation, which is now also entering the public consultation phase, would establish a tribunal to settle disputes between owners, condo boards, property managers and developers. MPP Marchese has tried without success to reform the 14-year-old Condominium Act three times before. However, with that consultation in tandem with the large-scale revision planned by the new minority government, it is likely that positive change is on the way for troubled condo owners.
Last year, Toronto was the largest growing high-rise condominium market in North America, which accounted for approximately 60% of all GTA home sales. Today, more than one million people live in 525,000 condominium units across the province.
