The Ontario government will implement new condo laws in the fall that is said to “ better protect condo owners and residents by increasing consumer protections in Ontario’s condo communities.”
The media has reported on a number of issues involving condo boards, including conflicts of interest and possible corruption. These new laws will provide more education to those that sit on these boards and ensure more transparency as to the process.
One of the biggest changes will be to improve corporation governance and introduce disclosure requirements for directors. This means that all condo directors must indicate whether or not they occupy units in the condo or if they have interests in contracts involving the corporations. Condo directors will also be given mandatory training to improve management and operations.
New voting and quorum rules will be implemented to make it easier for owners to participate. The board must also update the condo corporation regularly to help improve communications.
To aide in this transition, the government will be creating two new administrative authorities — the Condominium Authority of Ontario and the Condominium, which will educate and promote awareness of condo owner rights, and the Management Regulatory Authority of Ontario, which will help regulate and licence managers and providers.
“Creating new consumer protections will help to build more sustainable condo communities so residents moving into condos today and in the future will be able to look forward to healthy condo communities and peace of mind in the place they call home,” said Tracy MacCharles, Minister of Government and Consumer Services, in a statement.
These new rules will be implemented on Sept. 1 and phased in throughout the year.