“The Condo Act Review”? How important is it for Condo Owners and Buyers? What are the Concerns and what needs to be changed.
The Ministry of Government and Consumers Services oversees the Act. The purpose of the review is to build a better condo act for increased consumer protection. Condominiums need long term sustainability on construction, operations and values.
The Condo Owners Association is concerned that the Condo Act is self governed. There are no consequences for those who do not adhere to the Act. The review outlined concerns with abuse of power with Board of Directors, poor operations and depleted reserve funds The need to license Property Management companies and Property Managers COA suggested licensing through RECO. High maintenance fees are compromising condo values and there is lack of disclosures on new condo construction. The Condo Owners Association (COA) is a non profit Association representing and providing a voice for 1.3 million condo owners in Ontario. See COAontario.com for more details