Here is my recap of the key updates:
- Starting November 1 2017, all condo managers will need a licence under the Condominium Management Services Act. They will have 90 days to comply. Fine for non-compliance and an ethical breach of the code can be up to 25K.
- New non-profit Condominium Authority (CA) is being established. CA will be funded by fees paid by Condominium corporations and owners. It will have the power to administer certain regulations and provisions of the Condo Act and will report to Auditor General.
- In addition, Condominium Authority Tribunal (CAT) will be established to handle disputes between Condo corporations and owners & mortgagees. CA will appoint CAT's members including Chair and Vice-Chair.
- Condominium corporations will now have to file tax return and disclose director changes to Condominium Registrar. Some info will be publicly available online (ex., condo owners, directors, and # units).
- It is anticipated that CAT will function via an online dispute resolution system, which will take up cases in three stages: negotiation / self-resolution ($25), mediation ($50) and adjudication ($125). Initially, only Section 55 "record disputes" can be filed through this system.
In a nut shell, much stricter regulation is in place and new costs / rules / obligations for condo corporations to be aware of and to follow. The MeetUp discussion lead to most attendees agreeing that condo fees will go up and so will rents, as a result of the changes to the legislation summarized above.