The reforms will likely include long-awaited plans to license property managers, require mandatory education for condo board members and create an arms-length office to resolve disputes between those boards and owners. The office is expected to be funded with a new tax on condo owners of a few dollars a month.
The province has spent three years working on an update to its Condominium Act, which was introduced in 1998 – well before Ontario underwent a boom that now sees roughly 1.3 million people living in almost 600,000 condos.
Many say the changes, which are aimed at curbing fraud and costly disputes among neighbours, are long overdue.
We will keep the owners updated on changes and new regulations. CLICK HERE To learn more about the proposed changes.
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