Changes to the Condo Act
A rework of the Condominium Property Act by the provincial government of Alberta will now require condominium developers to provide buyers with “firm move-in dates” and hold buyer deposits in trusts while the units are being built. The act is expected to be implemented starting in January 2018.
Additionally, developers will be required to provide realistic estimates of condo fees, which gives the government the increased power to investigate developers and impose fines if rules are broken. Age restrictions on condo buildings may also be abolished soon under separate legislation.
These changes should result in a broadening of the market, in terms of people being able to look at newly build properties. Currently, many prospective buyers are limited in where they can look due to restrictions on buildings.
Some believe that lifting the age restriction will increase condo sales, but also will make condo prices drop. Currently, the Canada Mortgage and Housing Corp will not approve mortgage insurance to a unit that is in a building with age restrictions ‐ but if the Alberta Human Rights Amendment Act 2017 passes its third reading, changes will take effect in two separate stages starting in January 2018.
Age discrimination would be the first stage in the changes for 2018.