Manitoba has introduced a modernized condominium act to protect condominium owners and buyers.
“We recognize the growing popularity of condo ownership as a housing option, and the new condominium act strengthens consumers’ rights when buying condominiums and provides better consumer protection for Manitoba condo owners,” said Sport and Consumer Protection Minister Ron Lemieux. “These protections will benefit new and existing condo owners now and for years to come.”
Highlights of the new condominium act includes:
- extending the cooling-off period to seven days from 48 hours
- enhancing cancellation rights, that would allow buyers to cancel if any material changes are made to what was promised before they move in
- creating enhanced disclosure of items such as the cooling-off period and cancellation rights
- requiring developers to conduct a reserve fund study before selling any units that are converted from apartments so the buyers would have a clear view of the building’s condition before they buy
- ensuring unit owners would have a voice on the developer’s board
- giving buyers a projection of anticipated operating costs for the first year that owners would pay common expenses and would require the developer to pay the difference if real costs exceed the estimate
Current condo owners also benefit under the new proposed act by:
- providing better information through a reserve fund study that would let unit owners know what large repairs may be needed in the near future
- having better management as boards would be better able to enforce bylaws and rules through fines for non compliant owners
- introducing new requirements that would also ensure directors of boards, including developers’ boards, must act in the best interests of the condo corporation
An estimated 50,000 Manitobans live in condominiums. Condominium corporations will receive notification of the changes by mail and be given time to make the necessary changes if needed. If approved, the proposed legislation will take effect February 1, 2015.
For more information visit www.manitoba.ca/condo.
