Alberta condominium developers will have to provide buyers with “firm move-in dates” and hold buyer deposits in trusts while units are being built, under a rework of the Condominium Property Act by the provincial government.
The province plans to roll out the Condominium Property Amendment Act starting in January 2018.
Developers will also be required to provide realistic estimates of condo fees under the act, which gives the government increased power to investigate developers and impose fines if rules are broken.
As well, age restrictions on most condo and apartment buildings could soon be abolished under separate legislation tabled last month.
The changes were part of the Alberta Human Rights Amendment Act, 2017. If approved, adult-only buildings would become either seniors-only or family-friendly complexes.
James Mabey, chair of the Realtors Association of Edmonton and a realtor with Century 21 Masters in St. Albert, said the changes will put more housing options on the market.
“There’ll be a broadening of the market, just in terms of people being able to look at these properties,” he said. “Right now some people who are looking to buy a unit can’t because of the restrictions.”
Mabey said lifting the age restriction will not only increase sales in condo complexes, but also make purchasing a condo unit more affordable.
Currently, Canada Mortgage and Housing Corp. won’t approve mortgage insurance to any unit that’s in a building with age restrictions.
If the Alberta Human Rights Amendment Act 2017 passes third reading, changes will take effect in two stages starting January 1, 2018.
The first stage would stop landlords in apartment buildings from discriminating on age.•