Condominium Documents - AREA Monthly eNewsletter - March 2018
on Wednesday, March 28th, 2018 at 12:00pm.
In the past year, AREA’s Advocacy team has secured some big wins for REALTORS® and consumers on the Condominium Property Amendment Act. AREA strongly advocated for better consumer protection on new condo purchases and the government responded. Now:
• If builders miss their occupancy deadlines, buyers can rescind their offers and receive their full deposit. • Deposits must be held in trust with a lawyer. • Buyers have recourse if there is a material change to their unit.
AREA us actively involved in PHASE II of the Condominium Property Amendment Act consultations, where our key position is:
Condominium owners should have a right to documents pertaining to their property, without paying additional fees.
Condos provide an important and economical option for home ownership. We know that many condo buyers are in a lower income bracket than those purchasing single-family dwellings. The costs associated with condo documents create greater stress, financially and otherwise, for consumers in what can already be a stressful transaction.
AREA estimates that, in 2018, Calgarians and Edmontonians alone will pay nearly $3.2 million for condominium documents. AREA argues that any additional document costs are unnecessary. The management companies are paid via the condo association and one of their responsibilities is maintaining condo documents. Making owners pay for access to their condo docs is double charging for something management companies are already paid to do.
Read our most recent submission on condo document here. Please contact your MLA to share why condo document fees are an unnecessary burden on consumers. Find your MLA here.