{"id":24,"date":"2015-01-23T12:12:42","date_gmt":"2015-01-23T19:12:42","guid":{"rendered":"http:\/\/century21.brixwork.com\/blog\/?p=24"},"modified":"2022-03-05T10:00:42","modified_gmt":"2022-03-05T17:00:42","slug":"alberta-government-tables-condominium-property-amendment-act","status":"publish","type":"post","link":"https:\/\/www.century21yk.ca\/blog\/2015\/01\/alberta-government-tables-condominium-property-amendment-act\/","title":{"rendered":"Alberta Government Tables Condominium Property Amendment Act"},"content":{"rendered":"<p>Compared to\u00a0many Canadian cities, Yellowknife&#8217;s condominium sector is still in the very\u00a0early stages of its development. \u00a0We more or less began with the construction of Northern Heights in 1989 and it remains our only high-rise condo building (a bewildering fact &#8211; to be discussed in a future post). \u00a0Having said that, in recent years we&#8217;ve seen significant acceleration in low-rise condo construction. \u00a0It is probably not a stretch to\u00a0say that we&#8217;ve more than\u00a0doubled our number of condo units in the last four years. \u00a0Or we will have by the time current projects have been completed.<\/p>\n<p>As more and more Yellowknifers become condo owners, it is inevitable that disputes with\u00a0developers, neighbours, property managers, insurers and others will become more frequent. \u00a0It makes sense, then, for us to take a closer\u00a0look at the legislation and regulations that are currently\u00a0in place to protect condo owners.<\/p>\n<p>One way to do this is to see what other provinces and territories\u00a0are doing. \u00a0Hence the title of this post.\u00a0\u00a0A summary of the proposed\u00a0amendments to the Alberta condo act\u00a0can be found here:\u00a0<a href=\"http:\/\/www.servicealberta.ca\/2166.cfm.\">http:\/\/www.servicealberta.ca\/2166.cfm.<\/a><\/p>\n<p>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. \u00a0In the coming months we&#8217;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.<\/p>\n<p>Of special interest are the following amendments (excerpts taken\u00a0from the summary at the other end of the link above):<\/p>\n<p><strong>&#8220;1. Improve protection for buyers by:<\/strong><\/p>\n<ul>\n<li>mandating the appointment of an interim board to run the affairs of the corporation while the developer owns a majority of units<\/li>\n<li>expanding purchase disclosure information to include:\n<ul>\n<li>a statement setting out a fixed date or range of dates, including a final date, by which the unit must be ready for occupancy<\/li>\n<li>summary of findings from a Building Assessment Report prepared for existing buildings converted to condominiums<\/li>\n<li>a copy of the home warranty insurance contract under the <em>New Home <\/em><em>B<\/em><em>uyer Protection Act,<\/em>where the corporation is or will be named as the insured<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><strong>2. Improve protection for existing owners by:<\/strong><\/p>\n<ul>\n<li>limiting the circumstances in which a board may impose a special levy and requiring boards to provide owners key information, in advance, pertaining to an impending levy;<\/li>\n<\/ul>\n<p><strong>3. Enhance board transparency and accountability by:<\/strong><\/p>\n<ul>\n<li>requiring a board to hold a special general meeting if requested by 15% or more of the owners;<\/li>\n<li>requiring a board to notify owners of key changes to the corporation\u2019s insurance policy, including changes to deductibles, property replacement cost value and any permitted exclusions;<\/li>\n<\/ul>\n<p><strong>4. Allow for efficient governance by:<\/strong><\/p>\n<ul>\n<li>enabling directors to participate in board meetings electronically;<\/li>\n<li>enabling certain types of votes to be conducted electronically;<\/li>\n<li>prescribing maximum fees that can be charged for corporation documents; and<\/li>\n<\/ul>\n<p><strong>5. Raise standards in Alberta\u2019s condominium management sector by:<\/strong><\/p>\n<ul>\n<li>designating the Real Estate Council of Alberta (RECA) as the regulator of condominium managers; and<\/li>\n<li>enabling RECA to establish licensing requirements for condominium managers, including education and training requirements.&#8221;<\/li>\n<\/ul>\n<p>Stay tuned to this\u00a0blog for additional\u00a0posts\u00a0on condo governance and legislation in the upcoming months.<\/p>\n<p>&nbsp;<\/p>\n<p><em>The trademarks\u00a0REALTOR\u00ae and\u00a0MLS\u00ae\u00a0are owned or\u00a0controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals\u00a0who are members of CREA (REALTOR\u00ae)\u00a0and\/or the quality of services\u00a0they provide (MLS\u00ae)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Compared to\u00a0many Canadian cities, Yellowknife&#8217;s condominium sector is still in the very\u00a0early stages of its development. \u00a0We more or less began with the construction of Northern Heights in 1989 and it remains our only high-rise &hellip;<\/p>\n","protected":false},"author":3,"featured_media":25,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[53,62],"tags":[19,21,22,31,32,33,34],"class_list":["post-24","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-education-and-advocacy","category-for-renters","tag-condos","tag-buyer","tag-homeowners","tag-government","tag-alberta","tag-developers","tag-act"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.century21yk.ca\/blog\/wp-json\/wp\/v2\/posts\/24"}],"collection":[{"href":"https:\/\/www.century21yk.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.century21yk.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.century21yk.ca\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.century21yk.ca\/blog\/wp-json\/wp\/v2\/comments?post=24"}],"version-history":[{"count":3,"href":"https:\/\/www.century21yk.ca\/blog\/wp-json\/wp\/v2\/posts\/24\/revisions"}],"predecessor-version":[{"id":248,"href":"https:\/\/www.century21yk.ca\/blog\/wp-json\/wp\/v2\/posts\/24\/revisions\/248"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.century21yk.ca\/blog\/wp-json\/wp\/v2\/media\/25"}],"wp:attachment":[{"href":"https:\/\/www.century21yk.ca\/blog\/wp-json\/wp\/v2\/media?parent=24"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.century21yk.ca\/blog\/wp-json\/wp\/v2\/categories?post=24"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.century21yk.ca\/blog\/wp-json\/wp\/v2\/tags?post=24"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}