One more month of 2021 is in the books, and the prevailing theme continues to be low inventory. As of the end of October there were only 22 listings in Yellowknife. With so little to …
Compared to many Canadian cities, Yellowknife’s condominium sector is still in the very early stages of its development. We more or less began with the construction of Northern Heights in 1989 and it remains our only high-rise condo building (a bewildering fact – to be discussed in a future post). Having said that, in recent years we’ve seen significant acceleration in low-rise condo construction. It is probably not a stretch to say that we’ve more than doubled our number of condo units in the last four years. Or we will have by the time current projects have been completed.
As more and more Yellowknifers become condo owners, it is inevitable that disputes with developers, neighbours, property managers, insurers and others will become more frequent. It makes sense, then, for us to take a closer look at the legislation and regulations that are currently in place to protect condo owners.
One way to do this is to see what other provinces and territories are doing. Hence the title of this post. A summary of the proposed amendments to the Alberta condo act can be found here: http://www.servicealberta.ca/2166.cfm.
Yellowknife condominium owners and prospective buyers should definitely take note of these changes because our own Condominium Act falls short in many of the same areas as the previous Alberta Act. In the coming months we’ll take a closer look at our own Act and explain to readers where we at Century 21 Prospect Realty feel that the NWT Condominium Act falls short.
Of special interest are the following amendments (excerpts taken from the summary at the other end of the link above):
“1. Improve protection for buyers by:
2. Improve protection for existing owners by:
3. Enhance board transparency and accountability by:
4. Allow for efficient governance by:
5. Raise standards in Alberta’s condominium management sector by:
Stay tuned to this blog for additional posts on condo governance and legislation in the upcoming months.
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