EDMONTON— Alberta plans to roll out new rules next year that aim to better protect the owners and buyers of condominiums.
The changes will require developers to provide realistic estimates of condo fees, firm move-in dates and hold buyer deposits in trust while units are being built.
The Condominium Property Amendment Act also gives the government more power to investigate developers and impose fines if rules are broken.
Some of the legislation goes into effect in January and the rest in April.
Stephanie McLean, minister of Service Alberta, says these changes are just the first steps at improving consumer confidence in Alberta’s condo market.
She says the government wants to hear from people on a second set of rules that are bring developed aimed at improving condo living.
“Albertans deserve to be protected when making a big purchase like a home or investment property,” she said Thursday in a release.
“We have taken the first steps toward reassuring Albertans that their investments are properly looked after, so they can feel confident when investing in the condo market.”
The government is urging people to complete an online survey on issues such as the rules for renting a condo, how reserve funds are managed and who should pay to repair units and for insurance.
The previous Progressive Conservative government passed the legislation in 2014, but officials needed time to work on more than 50 changes as part of the reforms.
At the time the Canadian Condominium Institute said the Progressive Conservatives did not include enough input on the changes from consumers.