McGuinty Government to Launch Condo Review Consultation
- Ontario is taking steps to modernize the Condominium Act, 1998, so it reflects the current and
- future needs of owners, residents and other stakeholders in the condominium community.
- In an effort to respond to a booming and evolving industry, Ontario will launch a public
- consultation to identify a comprehensive set of issues, and long-term solutions relating
- to matters such as:
- consumer protection for buyers
- condominium finances and reserve fund management
- condominium board governance
- expertise/accreditation of condominium managers
- dispute resolution, for instance between condo boards and owners
- The review will directly engage the entire condominium community, including owners, residents,
- developers and property managers. Members of the condominium community will have the
- opportunity to speak about their issues, hear the concerns of others and work together to
- develop solutions. Details of the public engagement process and information about how to
- participate will be announced this summer. Strengthening the Condominium Act is part of
- the McGuinty government's plan to ensure a fair marketplace for Ontario families.
Quick Facts
- Over one million people live in condominiums in Ontario.
- There are about 525,000 condominium units in Ontario.
- Toronto had the fastest growing high-rise condo market in North America in 2011.
- About 50% of new home sales in Ontario are condominiums; 60% of homes sold in the GTA.
Quotes
“This promising and thorough engagement process will be a first for the North
American condo market. It will ensure the diverse range of stakeholders, including
over one million condo dwellers in Ontario, are involved in both identifying
the issues and defining solutions that meet our needs today and in the future.”
Margarett Best
“As the association representing professionalism in this rapidly growing
industry, ACMO is excited to be a part of a new consultative process
for the review of the Condominium Act that includes all stakeholders.
We look forward to working with the Government on changes that will provide
consumers with important protections and ensure that Ontario remains
the leader in the condominium industry in North America.”
Dean McCabe
“The Canadian Condominium Institute - Toronto and Area Chapter
is pleased that the Ontario government has officially announced
the opening of the Condominium Act, 1998 for a complete review. We
congratulate the government for approaching it in a new and innovative
way which will allow those who are most affected by the legislation
to help decide its future, and look
forward to continuing to work with the government so the best
legislation possible is created.”
Bill Thompson
“The Condo Owners Association is thrilled that the McGuinty Government
is launching a review of the Condominium Act. We are looking forward
to participating in the review to help build a viable and sustainable
future for condominiums in Ontario that protects the rights of
owners, ensures best practices for condo corporations, and preserves the value
of the investment people have made in their homes.”
Linda Pinizzotto