On May 27, 2015, Minister David Orazietti introduced Bill 106, Protecting Condominium Owners Act. This Act includes three components: amendments to the Condo Act, 1998, the proposed new “Condominium Management Services Act 2015” and amendments to other related legislation. Synergy’s Sally Thompson has been an active participant in the last three years of public consultation including chairing the Finances Working Group and sitting on the Expert Panel. Before joining Synergy Partners, she worked with the Ministry on this bill.
The amendments to the Condo Act are significant. Most of the changes that will impact Reserve Fund Studies will be included in the regulations (which will follow at a later date), but the Act creates the framework to define adequacy, to get first year contributions closer to reality, and to clarify eligible expenditures.
The Condo Management Services Act covers licensing of condominium property managers.
Lastly, the bill extends warranty coverage to some condominium conversion projects, which increases consumer protection.