The provincial government is introducing legislation today that would create a new oversight agency for condominiums.
Consumer services minister David Orazietti says the new condo authority will be funded by fees paid by condo developers and by a $1 per month levy on individual condo owners. Orazietti says the costs of settling condo disputes should be reduced to hundreds of dollars instead of thousands of dollars, and will not need to involve expensive court time.
“It would improve dispute resolution for owners & boards. It would enhance consumer protection creating clearer rules to protect buyers, and eliminate unprotected costs after purchasing a newly-built condo.”
“It would introduce more stringent financial management rules for condo corporations and help ensure that financial stability of condo buildings. It would create stronger condo communities with transparent and accountable board governance, including training requirements for condo boards & their directors.”
“It would enable the establishment of a new organization to oversee the licensing & regulation of Ontario’s 2500 condo managers.”
More than 1.3 million Ontario residents own condos, which now represent half of all new house construction in the province.