The Ontario Government is proposing a new bill which calls for the creation of a new, non-profit Condominium Authority. This new body, which would be funded largely by condo owners, would resolve disputes within the province's close to 10,000 condo buildings that can currently result in lengthy and very costly litigation. Basically, a small fee to condo owners (starting at $1 per month per condo unit) would protect them from bad Boards and from unexpected financial problems within their buildings. The proposed Protecting Condominium Owners Act represents the largest overhaul in condo legislation in the past 16 years. Stay tuned for more details as they emerge.
RSS Feed
