What is the Condominium Act?
This is an act of legislation that regulates most aspects of condo formation, purchasing, living in, and governance. Each condo document has to be based on this Act. Each province has it's own act because housing is a provincial jurisdiction. A copy of the current Condominium Act can be found here.
Service Alberta is currently developing regulations to support amendments contained in the Condominium Property Amendment Act.
From now until October 30, 2015, Albertans can review and weigh in on the first phase of regulations connected to the Act.
The first phase of regulations is aimed at enhancing consumer protection. New condominium buyers will benefit from stronger developer requirement for information disclosed at the point of sale, including the date of occupancy and realistic operating budget and estimated condo fees.
Other enhancements include trust money safeguards and cancellation rights for certain long-term contracts entered into by the developer. New and existing condominium owners will also benefit from improved rules that ensure a smooth transition from the developer to the owner-elected board of directors.
Online Service Alberta Survey